As reported by the Food and Agriculture Organization (FAO), the FAO All Rice Price Index witnessed a 2.8 percent escalation in July compared to the preceding month, with an average value of 129.7 points. This reflects an approximate 20 percent surge from the same period in the previous year and marks the most elevated level observed since September 2011.
The escalation in rice prices is being propelled by various factors, including:
The escalating cost of rice is poised to exert a substantial influence on food security across numerous nations. Rice stands as a fundamental dietary item for millions of individuals worldwide, and the elevated prices could create challenges in affording this vital nourishment.
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