Rice prices in Asia have reached their highest level in almost 12 years due to India's rice export ban and adverse weather conditions. This has raised concerns about food inflation in the region. Factors such as global warming, the return of El Niño, Russia's withdrawal from the Black Sea grain initiative, and protectionist food policies are contributing to fears of a shortage in rice supplies and a broader increase in food prices. However, most Asian countries are well-positioned to withstand a supply shock in rice alone, and overall food prices have actually decreased by 23% since last year.

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