$1000 a tonne Why the price of rice is sending shockwaves around the world
Adelaide consumers will pay up to a third more for rice in restaurants as a world shortage begins to hit home. As fears grow about its availability, some Adelaide consumers have begun stockpiling the staple food of billions around the world. It follows a move by Thailand, the world’s major exporter, to cut shipments to Australia as it rations scarce supplies. The world price of rice reached $US1000 ($A1064) a tonne this week, fuelling growing concerns over world food security. It has soared from about $US310 ($A330) a tonne in 2006-07 due to fears of shortages, export bans by some countries, stockpiling and rising costs. The demise of the Australian rice industry from a one million-tonne crop in 2005-06 to only 18,000 tonnes this year has had a significant impact on world prices. Adelaide supermarkets and restaurants yesterday said the world shortage was causing steep price rises. At Bangkok Bites, in Chinatown, Mily Ly, niece of the owner, Sam Loi, said a bowl of steamed rice would rise next week from $1.50 to $2. The Advertiser, April 26.
