Australian Companies To Pass Price Hike To Consumers

One of Australia's largest rice food companies and one of country's largest exporters of processed branded foods, has warned of higher prices for the consumers at the supermarket because of a the ongoing global rice shortage.

According to Chief executive of Australian company Ricegrowers, Gary Helou, more than threefold increase in the price of Thai rice — the industry benchmark — would eventually work its way through manufactures to consumers.

Increasing population and a lack of supplies has put extra strains on the rice harvest. The product is a food staple in Asia and high prices have triggered civil unrest in the region and caused some governments to ban exports amid fears shortages could provoke food riots.