Worldwide Rice Shortage May Be on the Horizon

In the past year, Americans have faced acute shortages and increasing costs for eggs and butter.

Though some shortages and price hikes are easing, rice is currently a major grocery staple shortage worldwide.

CNBC reported that rice prices have soared due to the greatest shortage in two decades. The U.S. Bureau of Labor Statistics reported that rice 

prices rose 9.5% in March 2023 compared to March 2022, which is terrible news for American consumers.

Rice importers and countries that depend on the grain may be even worse off. Rice is a staple in several Asian economies, hence rice prices 

affect food price inflation and food security, according to a Fitch Solutions commodities expert told CNBC.

The shortfall is caused by Russia's invasion of Ukraine and bad weather in rice-growing countries. In the second half of 2022, China, the world's 

top rice producer, faced a severe drought and strong rainfall and flooding on some farmlands. CNBC said that 2022 flooding in Pakistan

If weather doesn't worsen, Fitch Solutions expects rice prices to rise until 2024. Price-weary consumers may have to accept higher grain prices

Rice is the next shopping staple facing a shortage or price rise in 2023. A Wells Fargo analyst forecasted that strawberries and lettuce prices will rise

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