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Steep rice price may impact food market – Fitch Solutions

Washington, Apr 24 (Prensa Latina) The surge in rice prices might affect global food market and inflation as it´s considered in several nations as staple, the American credit rating agency ¨Fitch Solutions¨ warned Monday.

According to Statista.com, some specialists have warned that 2022-2023 rice outputs will downed 8.7 million tons in international supply, the largest deficit since 2003-2004.

The text added that global rice production in 2022 registered about 502.9 million tons, as the third most harvested grain after corn and wheat, but showed some falls in recent months given bad weather in some rice-producing nations including China and Pakistan.

China, the world’s largest rice producer, supplying over 148 million tons in 2021-2022, was affected by heavy rains and floods in 2Q of 2022.

Grain-producing regions are currently facing up highest record of drought in the last two decades, with adverse weather conditions for vulnerable crop, analysts warned.

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