Rice Crisis in the Philippines Sounds a Global Inflation Alarm
- Indonesia agrees on first deal with Cambodia in over a decade
- Malaysia implements purchase limit, starts enforcement checks
Rice inflation in the Southeast Asian nation increased at the fastest pace in almost five years in August.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Surging rice prices in the Philippines could be a warning sign for other major importers of the food staple as the fallout from India’s export restrictions continues to reverberate across Asia and West Africa.
Rice inflation in the Southeast Asian nation increased at the fastest pace in almost five years in August, reviving memories of a 2018 shock that led to the end of a two-decade-old limit on imports. The Philippine central bank warned this week that it’s ready to resume monetary tightening if needed, while diplomacy and deals reign elsewhere as other countries rush to secure supply.