Rice Prices: Due to the danger of increasing the price of rice, the food plate will be expensive, due to this the rates may increase

Rice To Get Costlier: There is a news of concern for rice lovers because there is a danger of increasing the price of rice in the country. The highest level of the last 11 years is being seen in global rice prices and now there is a possibility of rising rice prices in India as well. Due to the El Nino effect, there is a danger of low yield in front of the major producers of rice and due to this there is a possibility of increasing the prices of rice in poor Asian and African countries.

Retail and wholesale prices of rice expected to go up

It is worth noting that India accounts for 40 percent of the world’s total rice production and in the year 2022, India’s rice export was 56 million tonnes. However, now the low production of rice in the country can become the reason for the decrease in its export shipments and the retail and wholesale prices of rice can go up.

Increase in minimum support price affects rice prices

According to a report in Financial Express, President of Rice Export Association, BV Krishna Rao says that India was the cheapest producer of rice till last year. Now, since the new minimum support price has come in the country, the effect of increase in Indian prices is also coming on other rice suppliers and they are increasing the prices.

There is also a danger of un Nino effect

Rice is eaten by about 3 billion people in Asia and it is a water-based crop, which is produced in abundance in Asia, that is, about 90 percent. This year, due to El-Nino patterns, there is a threat of scanty rainfall, which is not a good sign for a water-intensive crop like rice. At the same time, it is also a matter of concern that the global rice prices have reached an 11-year high even before the bad weather has affected the production. According to the Global Rice Price Index of the Food and Agriculture Organization, this figure has come.

US Department of Agriculture had estimated record output

The US Department of Agriculture (USDA) had projected record rice production for all the top six rice producing countries – Bangladesh, China, India, Indonesia, Thailand and Vietnam. Experts in the rice business say that the El-Nino effect will not be limited to any one country and will affect the output of almost all rice-producing countries.

The price of rice exported from India has come to a 5-year high with a jump of 9 percent. The main reason for this was that the central government has issued a directive to increase the price of normal rice by 7 percent to the farmers for the new season. At the same time, due to the limited supply in the country, the prices of rice are already rising and now if the production decreases, then a strong rise in the prices can be seen.

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