04-04-2008
Rice prices hit record high
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The price of rice has reached a new high, it has emerged.
Data released by Bloomberg shows the price of rough rice to be at a new high of $20.26 per 100lb, amid concerns that supply will not be able keep up with demand.
The price rise coincides with decisions by some governments - such as Egypt, Vietnam and India - to restrict exports of the crop.
"Demand remained strong and there were several inquiries, especially demand for parboiled rice from African countries," said one rice trader in Thailand, in a report by the BBC.
Since the start of 2008, the worldwide price of rice has increased by approximately 20 per cent.
In related news, China has been recently approached by North Korean officials to ask for supplies of rice, according to The Hankyoreh.
However, South Korea's foreign ministry has confirmed that it is not aware of the request.
