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The FAO Food Price Index rose by nearly 1 percent in May due to increased cereal and dairy prices. It remained 3.4 percent below its May 2023 levels and nearly 25 percent below the peak seen in March 2022.

Recent disruptions in rice production and trade, coupled with adverse weather conditions, have increased global rice prices, impacting food security and economic stability across Asia and the Pacific. Short-term and long-term strategies are needed to ensure a stable, affordable rice supply.

In global food markets, few commodities hold as much significance as rice. It's not just a staple food; it's a lifeline for millions, especially across Asia where it forms up to 70% of daily caloric intake and a significant share of the food price basket in certain economies. 

The FAO Food Price Index rose marginally in April but remained 7.4 percent below its April 2023 level. The slight increase was driven by rising meat, vegetable oil, and cereal prices.

Over 30% of rice sold in city markets in Bangladesh is refined and branded into the shape, size, and color known as miniket, which owes its popularity to its bright white color and slender grains. But miniket rice is a flawed product: It is not a true rice variety and has low levels of essential nutrients. Owing to high demand from consumers, rice vendors often sell different types of highly processed rice under that name. Processing renders miniket significantly less nutritious than other common rice types in Bangladesh, IFPRI research shows.

Around 59.8 million or nearly one-third of the analyzed population across five countries in Asia (Afghanistan, Bangladesh, Myanmar, Pakistan, and Sri Lanka) faced acute food insecurity in 2023 due to economic crises, conflict/insecurity, weather extremes and natural disasters, according to the  2024 Global Report on Food Crisis (GRFC). Economic shocks were the primary driver of acute food insecurity in Afghanistan, Bangladesh, and Sri Lanka in 2023, while weather extremes and conflict/insecurity were the primary drivers in Pakistan and Myanmar, respectively.