For those of you that don’t know, I’m Cambodian-American. I was born in Houston, but that doesn’t change the fact that I, like 3 billion other people on Earth, live on rice. Specifically, Thai Jasmine Long Grain rice. I have some with almost every meal and if I don’t, I’m often not satisfied until I do. So you’ll imagine my surprise to hear that the price of rice has almost -DOUBLED- in the last week or so. Instead of the ~$12.99 per 25 pound bag I’m used to paying, in some places it’s now $22.99! And that’s if you can even find some! Seriously, the Hong Kong Supermarket in Arlington only had one brand last weekend instead of their normal 5-6 brands. And that stuff looked like it was going fast. Ok, I can handle eggs and milk doubling in price. Or gas becoming a luxury that only kings can afford. But NOT my rice! Please?
So, why the sudden increase in price? Well, if you’re reading this… it might be your fault! Yes, there has been some speculation that demand is going to be more that supply. And the cost of food and gas are up in general. But a major factor in this price increase is public hoarding. Prices started going up and people freaked. Everybody and their moms (including my mom actually) started stockpiling rice like no tomorrow. Here’s an excerpt from a news article:
“There is enough rice supply for domestic consumption”, Mingkwan told reporters late yesterday in Nonthaburi province, near Bangkok. “The current shortage has been caused by some hoarding and panic buying on concern the price will rise further.” There is no need to reduce exports, he said.
Rice, the staple food for about 3 billion people, has nearly doubled in the past year on increased imports by the Philippines, the biggest buyer, and as China, India and Vietnam cut exports. Record food and fuel prices have stoked inflation, contributing to strikes in Argentina, riots in Ivory Coast and a crackdown on illicit exports in Pakistan.
So why is rice so damn expensive? Because the world hates you.
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