Global rice prices have been on an upswing with prices surging to a fresh 34-year high on Tuesday as the Philippines awarded a tender for the staple at an average price of $708 PMT, up almost 50 % from the price it paid in late January.

European brokers have also quoted an indicative price for high quality Thai rice, a global benchmark, of about $640 PMT up from $515 PMT in late February. In the last three months, the price has surged about 72 %.

The sharp rise reflects a market suffering from tightening supply after key producers India and Vietnam this month both imposed further restrictions on rice exports.