Rice Rocket

Here is another alarming article related to the rise of food prices around the globe. Rice, a traditional staple food around the world since time immemorial “has risen about 68% since the beginning of the year” according to BBC.

This reality has recently hit home, as most of my family in the Philippines are feeling the pinch.  Much like our complaints regarding gasoline prices in this country, I’ve heard the same thing coming from them regarding the price of rice.  Amazingly, much of the rice consumed in the Philippines, once a chief producer of their own supply, are now being imported from India and Thailand, two areas hit hard by “high fuel costs, bad weather and land allocated to biofuels.”

This development rarely registers a blip on the American economic landscape, but could be symptomatic of larger realities that will soon affect the entire global food market in the next decade.

Link

Videos on rice hoarding in the Philippines and over pricing in India

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