The Indian rice export ban, the war in Ukraine and El Niño are combining to create a “doom loop” for the world’s poorest people, as staple food prices soar.
The Indian rice export ban, the war in Ukraine and El Niño are combining to create a “doom loop” for the world’s poorest people, as staple food prices soar.
Hong Kong here. We have rice almost everyday and apparently, we don’t import them from India. Yet the “Rice Association” said that due to the India ban, the price of rice in Hong Kong will likely to rise by 10% in October.
The nations used to import from India are buying from everyone else, and that drives up the prices.
Edit: typo
Same as our energy in the UK, we were never reliant on Russia for our gas, but because countries like Germany didn’t cut themselves off fast enough they were suddenly bidding up what we usually buy when the sanctions came in.