Rice price hits record high in Asia

Source: CCTV.com | 04-26-2008 15:14

Concerns about food security are mounting, with the price of rice hitting record highs in Asia. The world's number one rice exporter, Thailand, saw prices jump 5 percent over the last week, and that means rice there, now costs 3 times what it did at the start of the year. And, as always, it's the poor who will bear the brunt of sky-high prices in staple products. Joanna Partridge has this report.

Rice prices just keep on rising.

The rice benchmark grade from Thailand, the world's top exporter, was still quoted above one thousand U.S. dollars a tonne on Friday, despite a fall by rice futures contracts on the Chicago Board of Trade.

That's because demand remains strong in rice-importing nations like the Philippines, but also here in Thailand.

And the Rice Exporters' Association says the price may keep on climbing, once rice importers like Iran and Indonesia start buying:

The week's five percent jump in prices makes rice almost three times more expensive than it was at the start of the year - which is hitting all Asian consumers:

Although Asia hasn't yet seen any food riots, there are fears the high rice price could lead to social unrest - as the millions of poor in the region struggle to pay for staple goods.

Editor:Liu Fang