Indian rice export prices hit 12-month high after weak monsoon
Business
Indian rice export prices just reached their highest point in 12 months, thanks to a weaker-than-usual monsoon.
August saw 16% less rainfall than normal, and India is likely to receive below-average monsoon rainfall in September.
This has pushed up prices for India's export varieties: 5% broken parboiled rice is now $369 to $375 per ton, and white rice is close behind.
Rice prices rise across Asian markets
It's not just India: rice prices are climbing in several Asian markets.
Thailand's rice jumped to $483 to $485 per ton this week, and Vietnam saw a small bump as well.
Meanwhile, Bangladesh is still struggling with high retail rice costs despite more imports.
With supply tight and demand steady, don't be surprised if your favorite rice dish gets pricier soon.