Inquirer.Net
MANILA, Philippines — World rice prices are likely to rise sharply for the second straight year in 2009 as the global economic slowdown hits farmers and consumers alike, the International Rice Research Institute (IRRI) warned Friday.
The worldwide credit crunch will make it hard for farmers to secure cash to purchase essentials such as seeds and fertiliser, the Philippines-based IRRI said in the latest edition of its quarterly journal “Rice Today.”
It added that the world economic downturn might increase demand for rice in developing nations as falling incomes force poor people to switch back to less expensive staples.
The price of rice — a staple food for half the world, including nearly 700 million poor Asians — spiked to $1,080 a ton last April, triggering fears of social unrest.
continue reading about the projected increase of rice prices around the world….
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3 Responses
how will the rice will go up? the rice inventories of thailand, vietnam, philippines are high. the harvest are good. i dont see their will have a rice shortage. the prices of farm inputs are low like fertilizer and fuel.
i dont get it, every one are predicting their will have a rice shortage. last year the thailand crop harvest 30% more while the vietnam have surplus of 5 million mt to be export plus their coming harvest. i think these are all wrong information, just to make the world panic buying. almost every country got sufficient supply plus their upcoming harvest.
Prices may see an uptrend on account of increase in MSP by many Govts.Strong Demand by many countries at these price levels also may contribute to increase in prices,with people shifting from expensive feed grains to cheaper ones.Vietnam has already exported much of its annual target and quantities by other rice exporting nations wil hit the market in a phased manner.