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Rice next on the plate as inflation-led food protectionism persists

Uma Devi
Published Mon, Aug 29, 2022 · 05:50 AM

FIRST it was palm oil. Then it was chicken.

Rice is the agri commodity to keep an eye on next amid rising food protectionism in the region as inflation persists, although the risk of fresh export curbs remains low for the rest of this year, according to market watchers polled by The Business Times.

The agribusiness has been hit hard since Russia’s invasion of Ukraine, which resulted in an assortment of government bans and disrupted and weakened global supply chains, sparking a significant rally in food prices in the first half that continues to persist.

Sabrin Chowdhury, head of commodities at Fitch Solutions, said rising government intervention is now a “megatrend” across economies.

“Food protectionism by governments has seen a spike in 2022 amid decade-high global food prices and low domestic stocks, and will continue as long as there are concerns about food security,”…

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