Rice supply crisis,how will you be affected?

As you all know if you watch the news recently,there is a rice crisis that has been going on,particularly in this region which is one of the biggest exporters of rice in the world.However,the situation has change.Countries like Philippine which used to be one of the exporters are now the world's largest importers of rice.They are producing less rice while rice prices continue to increase.

A sharp rise in the price of rice is hitting consumer pocketbooks and raising fears of public turmoil in the many parts of Asia where rice is a staple.Part of a surge in global food costs,rice prices on world markets have jumped 50 percent in the past two months and at least doubled since 2004.Experts blame rising fuel and fertilizer expenses as well as crops curtailed by disease,pests and climate change.There are concerns prices could rise a further 40 percent in coming months.The United Nations meanwhile today says that markets are to blame for world food crisis.Global investment funds and the weak dollar are largely to blame for high world food prices,a senior official of the United Nation's Food and Agriculture Organization said on Thursday.You may ask then how about Singapore? Are we suffering from a shortage of rice as well?

The answer is no,but we will be affected with the price increase.Importers here says that the problem for them is not whether they should import more rice or not,but instead,the problem lies in the high costs and lack of storage space.Therefore,do not be surprise if the price of rice here will increase over the coming few months or maybe even the next few weeks or so.Importers may revise prices up by another 10 to 20 per cent.With Singapore's three rice warehouses nearly 90 per cent full,importers here said supply shortage is not a worry for consumers here,but instead they are more worried about the costs of renting additional storage space if they import more than what is needed.The reality is,not only the cost of the rice is increasing now,but other basic food such as milk and bread is increasing as well whether you realise it or not.

The current rice crisis is definitely a worrying problem for me and for you as well.Nowadays,you always hear news about how things are rising,like the price of oil.But I think we in Singapore are really fortunate that we have no shortage of rice supply here,its better if you have to pay more than not having rice to buy.The global economy is very shaky right now,it doesnt look too good.I dont know how long will the crisis be.In other countries,social unrest is happening already.Food riots have rocked Haiti and impoverished Burkina Faso.The riot left at least five dead and 40 injured.Food shortage has actually happened in other parts of the world,but the current crisis will only worsen the situation.Something has to be done,and it must be done quickly.The respective government must try to help ease the problem like subsiding the price of rice.It must involve a global effort and I am hoping for more positive developments in the future.

*The report is taken from CNN and ChannelNewsAsia.