The price of rice is set to boil over as inclement weather reduces the output of some of the world?s largest rice producers.
A heatwave in China, patchy rain in India, floods in Bangladesh and quality downgrades in Vietnam has seen the price of rice surge 25% this year.
China, the world's biggest rice consumer and importer, has suffered yield losses from extreme heat in grain growing areas and is expected to lift imports to a record 6 million tonnes in 2022/23, according to the U.S. Department of Agriculture.
A rise affecting the world?s cornerstone staple is expected to further stoke global food inflation that is already near record highs.
As reported on Grafa in June this year, the lettuce price soared 299% over just six months following floods on Australia?s East Coast and supply chain disruptions.
In 2021, Australian consumers forked out $23kg for beef after the meat experienced the biggest price rise in more than 20 years.
The price of beef in Australia has since dropped back to $8.50kg as at August 2022.
Australians are estimated to consume about 300,000 tonnes of rice every year but the nation produces less than 25% of this figure.
Amid global supply chain disruptions, the war in Ukraine, rising inflation and interest rates, and a souring global economic outlook, the price rise in the daily staple threatens to impact the world?s most vulnerable.
Food price spikes have previously resulted in riots with sky-high food prices a key factor in the unrest that recently gripped Sri Lanka.
In India, some agricultural scientists are optimistic that there?s still time to continue planting and make up for some of the shortfall.
Rain is forecast to be normal for August to September, which is hoped will improve crop output.