The price of Rice surged to its highest in 15years..
In August, global rice prices surged to their highest level in 15 years due to India, the world’s largest rice exporter, imposing restrictions on some international rice sales. Nigeria, a significant rice importer, is likely to face increased pressure on rice prices as a result of this global price hike.
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According to a report from the Food and Agriculture Organization (FAO) released on Friday, the rice price index experienced a notable 9.8% increase in August compared to July, reaching its highest point since July 2008.
The FAO attributed the rise in rice prices to uncertainties surrounding the duration of India’s export ban and concerns about similar export limitations by other countries. India had announced this export ban in July, citing worries about escalating domestic rice prices. Notably, this ban primarily affects non-basmati white rice, which constitutes approximately a quarter of India’s total rice exports.
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