Price of Rice

The price of rice has increased dramatically in the first two months of 2008 according to the Food and Agriculture Organization of the United Nations. Gloria Macapagal Arroyo, the president of the Philippines, recently reached an agreement with Vietnam to guarantee a steady rice supply. Other Asian leaders are also trying to secure their imports. For much of Asia, industrialization has taken precedent over investment in agriculture causing shortfalls in rice production. Factories have taken precedent over rice patties and investment in machinery over research in agriculture.

Snapshot asks, will the rush to industrialize continue to push rice prices higher?

Economist - Empty bowls, stomachs and pockets
Bloomberg - Thailand's Rice Exports Soar on Scarce Supplies
New York Times - Philippines Imports Rice Amid Shortage
Financial Times - WFP plea for $500m to avoid food aid cut
IMF - Coping With Food Price Increases in Sub-Saharan Africa