Rice prices have reached their highest level in almost 12 years due to India's Rice export ban and adverse weather conditions. The United Nations' food agency reported that the All Rice Price Index rose by 2.8% in July, reaching its highest nominal value since September 2011. Thailand experienced the sharpest price increases, and concerns over the potential impacts of El Nino on production in some suppliers further contributed to the rise in prices. India's export ban is causing food security concerns, as the country accounts for over 40% of the global rice trade.

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