India's decision to restrict rice export could worsen global food inflation
India has banned rice exports, fuelling fears of a flare-up in international food prices.
The Food and Agricultural Organisation’s food price index (FFPI) averaged 138 points in August 2022, 10.1 points (7.9%) above its value a year ago. It has consistently stayed over 125 points through 2021 and 2022, peaking at 159.7 in March this year.
Russia’s invasion of Ukraine, along with draughts and heat waves, has fueled food inflation in several parts of the world over the past year or more.