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Singapore, Asia face food inflation risks as price of rice soars to 15-year high
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The price of rice has risen 20 per cent in the past month alone, since India banned exports of its non-basmati rice on July 20.
PHOTO: ST FILE
SINGAPORE - Rising global prices of rice and its substitutes could drive food inflation higher as early as the end of 2023 in Singapore and most of Asia, which consumes 90 per cent of the world’s rice, economists warned.
At US$648 (S$880) a tonne, Thai white 5 per cent broken rice, an Asian benchmark, is at its most expensive since October 2008, according to data from the Thai Rice Exporters Association.
