Thursday, April 24, 2008
Rice prices hit record highs
Rice risks becoming a luxury in the face of soaring prices - threatening pinched budgets in the West but starvation in developing countries.
Riots have flared like a trail of gunpowder through West Africa as some of the world's poorest people struggle to cope with soaring inflation that's seen the prices of basic foods more than double in a year. The U.S. benchmark rice price -- at the Chicago Board of Trade -- has risen to over $24 per 100 pounds of rough rice, while the world benchmark for Thai rice has surged to more than a $1,000 per tonne of milled rice.
Source: Reuters
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