The price of rice, the Filipino staple food, has soared to P42.50 per kilo, a level seen only during periods of crisis for global rice and other commodities.
The P40/kilo level was last breached in 2008-2009 and earlier, in 1972-1973. But that was because of a global commodity crisis not only for rice, but all agricultural products. It was in turn caused by an oil price surge and the ensuing market panic. No government in the world would dare risk shortfalls in their country’s staple food, so they worsened the situation then by restricting their rice exports.
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