Price of rice keeps rising

Dec. 27, 2023 Updated Wed., Dec. 27, 2023 at 6:21 p.m.

Rice prices surged to a fresh 15-year high, fueled by strong demand and lingering supply concerns.

Thai white rice 5% broken – an Asian benchmark – climbed for a third straight week to reach $659 a ton on Wednesday, according to the Thai Rice Exporters Association.

That’s the highest since October 2008 and brings the increase in prices to about 38% this year, after top shipper India restricted exports and dry weather threatened production.

Rice is vital to the diets of billions of people in Asia and Africa, and the latest run up in prices could fan inflationary pressures and hike import bills for buyers.

Some nations have been ramping up purchases to build sufficient stockpiles amid fears that the impact of El Niño will further tighten supplies in the coming months.

Toyota retains car-sales title

Toyota Motor Corp. is poised to keep its title as the world’s best-selling carmaker, beating Volkswagen AG for the fourth consecutive year after steady demand across North America and Europe helped sales and production reach new records in November.

Global sales – including that of subsidiaries Hino Motors Ltd. and Daihatsu Motor Co. – rose 12% from a year earlier to 986,262 units, the most ever for the month of November, the company said Wednesday.

Worldwide production reached an all-time high at 1,067,446 units.

The world’s biggest carmaker has been making and selling an unprecedented number of automobiles throughout the year, further securing its dominance with hybrid cars as it pushes forward with ambitious plans to mass produce electric vehicles and catch up with Elon Musk’s Tesla Inc. and China’s BYD Co.

Last week, Toyota was dragged into a growing scandal after an investigation found that Daihatsu had manipulated collision safety data dating as far back as 1989.

From wire reports

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