IRRI Expresses Concern Over Soaring Rice Prices

The International Rice Research Institute (IRRI) has expressed grave concern over the recent increase of rice prices to reach record levels leaving many poor countries face the specter of riots by hungry people.

Spot prices have recently hit more than 700 $ PMT, more than three times the price of just five years to go. Industry officials in Thailand, the world's top exporter, have also warned that prices could soon rise to 1,000 $ PMT.

IRRI is also keeping an eye on the situation in Bangladesh after the recent cyclone, flooding in Java, a plague of pests and virus in Vietnam, and surging demand from explosive economic growth in China and India, the world's principal rice producers and consumers, have drained global stocks

IRRI has concluded that the apart from climate changes, the recent supply shocks are being compounded by longer-term pressures as more and more land is being converted for houses and factories, while water is diverted for industrial use.