(ZEROHEDGE) – Soaring rice prices is the latest example of persistent food inflation. The grain is responsible for feeding billions of people, and prices were relatively stable last year while wheat soared until now.
Since November, Thailand's white rice prices jumped to two-year highs, up 23% to $523 per ton.
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"Strong demand lies at the heart of the rally, with some importers buying more of the grain to replace wheat after the war in Ukraine disrupted supplies. Some consumers have also been stocking up ahead of festivals, while a strengthening Thai currency has helped push up dollar-denominated prices," Bloomberg explained.