India has banned exports of non-basmati white rice, stoking fears of further global food inflation just as Russia’s targeting of grain ships has pushed up wheat and corn prices.
India’s ministry of consumer affairs said on Thursday it would prohibit exports to “lower the price as well as ensure availability in the domestic market”. Rice prices in India have risen 11.5 per cent over the past year and 3 per cent over the past month, according to the ministry, reflecting a 35 per cent year-on-year surge in export volumes between April and June.
India is the world’s biggest rice exporter, accounting for about 40 per cent of global exports. It is followed by Thailand and Vietnam, where prices for 5 per cent broken rice have also surged this year, raising costs for countries hoping to circumvent New Delhi’s ban. Higher prices for the grain — a staple for billions of people worldwide — are likely to stoke global food inflation, analysts said.