Global Rice and Oil Prices Set to Surge as India Implements Export Ban

1. Global Rice and Oil Prices Set to Surge as India Implements Export Ban, Predicts Meristem According to Meristem, a Nigerian advisory firm alerts Nigeria for the expected surge in the prices of rice, edible oil, and other imported commodities in the upcoming months as recently India put restrictions on the export of rice to fulfill the needs of the domestic market. Meristem also added that there are other factors that may lead to a surge in the prices of staples in the country. These factors include poor road networks across Nigeria, global energy, and higher logistic goods. Meristem added this in its recent report “Macroeconomic Update: Inflation Expectation”. This Report also stated that food inflation may rise by 173 bps to 28.71% for August 2023. The report added, “Additionally, the headline index is expected to experience an uptick due to higher global energy and premium motor spirit (PMS) pump prices.” On Thursday, significant changes in the Nigerian foreign exchange were observed as 1 dollar was traded at Naira 945. According to some agencies, the price of a 50 kg rice bag in Nigeria is around N 60,000. Price Surge in Nigeria’s Domestic Market

2. Recently, the inflation effect has been observed in the Nigerian economy. The prices of food and other commodities are inflating at higher rates. In July, the prices of fuel tripled in Nigeria compared with June 2023. The recent reports from the Food and Agriculture Organisation (FAO) stated the concern over the rising prices of sugar, rice, and other food commodities in Nigeria. In August, Meristem forecasted the Nigerian inflation at 25.37%. This inflation rate is 5.27% higher compared with August 2022. The National Bureau of Statistics (NBS) stated that “The rise in Food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, fruit, meat, vegetables, and potatoes, yam and other tubers, vegetable, milk, cheese, and eggs”. Conclusion In conclusion, global rice and oil prices are surging due to disruption in the global supply chain. As India partially bans the rice exports which increases worries of the rice importing countries like Nigeria. Nigeria is facing a rice shortage, as the price of a 50 kg rice bag has reached at N 60,000. If you are a rice importer wishing to Buy Rice In Bulk or a rice exporter willing to export bulk rice, then Tradologie.com is the right platform for you. Tradologie.com is a digital platform that facilitates bulk agro-commodities trade across the globe including all varieties of rice. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities such as rice, wheat, pulses, spices, and many other commodities at negotiable rates. Sellers on the platform get better access to new global buyers, increasing their overall business orders and profits, as there are no middlemen involved in the trade here The transaction-oriented platform has 600,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 150 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.