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BUDGET 2017-2018 Special

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Rice prices reach record high

Concerns of further export bans by rice producing countries has raised the price of rice to a record new high. Rice prices has crossed $24 per 100 pounds in international markets.

Global rice price witnessed a three fold increase since the beginning of this year.

The rising price has greatly affected the poor people in developing countries like Philippines, Indonesia and Bangladesh, that imports rice in huge quantity. Even in the rich US, wholesale supermarkets like Costco and Sams club has restricted the amount of rice a customer can buy.

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