Global rice price index at highest since 2011 after India restricts exports

The UN’s Food and Agriculture Organization’s (FAO) All Rice Price Index increased by 2.8% on the month and 19.7% on the year to reach its highest nominal level since September 2011, as India’s July 20 prohibition of non-parboiled Indica exports fostered expectations of greater sales in other origins, amplifying upward pressure already exerted on prices by seasonally tighter supplies and Asian purchases.