Cambodian Prime Minister Hun Sen on Wednesday banned all rice exports from the country in a bid to halt the staple food's spiraling domestic prices.

Rice prices have risen sharply from about 40 cents/kg as speculation of shortages grip local markets, sparking demands that the government put a cap on costs.

Despite GDP growth averaging 11% over the past three years, more than a third of the country's 14 million people live on less than 50 cents a day, making even the slightest rise of food costs devastating to Cambodia's poorest.