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Rice is a staple food for over 3.5 billion people worldwide, especially in Asia, Latin America, and Africa. It's grown in over 100 countries, with 90% of the world's rice produced in Asia. We have been tracking the prices of Thai white rice, which surged to 15-year highs in 2023 and has since consolidated at these highs with risks of a further upside breakout. 

According to new data from the Thai Rice Exporters Association, Thai white rice 5% broken, an Asian benchmark, rose nearly 6% to $649 a ton, inching closer and closer to last year's highs. Since early 2022, prices have surged 64%. 

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We continue to follow Thai rice prices because rice is a critical staple food for billions of people worldwide. 

Here are some of the risks we've pointed out in the last few years:

• Sept. 2022: The Stage Is Being Set For A Massive Global Rice Shortage

• May 2023: Global Rice Shortage Looms, Set To Be The Biggest In Decades

• May 2023: Thai Rice Crop In Crosshairs Of El Nino As Farmers Are Warned About Water Shortages

• July 2023: "So It Begins ": US Supermarkets Hit With Buying Panic As India Bans Rice Exports

• August 2023: Rice Crisis Sends Prices To Highest Levels Since 2008

• September 2023: "Go Easy On The Curry": HSBC Warns Rice Crisis Reminiscent Of '2008 Asian Food Price Scare'

• November 2023: Rice Nears 15-Year High As Global Food Crisis 'Much Worse Than 2008'

The good news is that global food prices measured via the UN's Food and Agriculture Organization print below the 2010 Arab Spring level, an area of risk where high food prices cause social instabilities in third-world countries. However, some of the latest prints show that food inflation could increase. 

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If prices do surge from here, let's remind readers of this 2008 headline from The Guardian:

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Food inflation is certainly not going away. That's evident in the prices of cocoa, OJ, coffee, beef, and many other items at the supermarket. 

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