Drought dents Sri Lanka's economic hopes, farmers' livelihood

A severe drought in Sri Lanka is threatening the country's summer rice harvest, which has already been hit by last year's financial crisis, causing widespread unrest and ousted its former president, as well as skyrocketing prices of inputs and a shortage of fertilizers.

reuters.com

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8/22/2023

Rice prices soar, fanning fears of food inflation spike in Asia

Rice prices in Asia have surged to their highest level in almost 12 years due to India's rice export ban and adverse weather conditions, leading to concerns about food price volatility and potential shortages of other food commodities in the region. Factors such as extreme climate events, the onset of El Niño, trade restrictions, and protectionist food policies are contributing to the situation. While most Asian countries can withstand a supply shock in rice, there are concerns about the impact on overall farm output and consumer price inflation, particularly for vulnerable populations.