India’s rice export ban triggers panic buying at US supermarkets – sparking costs of 20-pound bag to soar from $16 to almost $50

India’s rice export ban has triggered panic buying at US supermarkets, causing the price of a 20-pound bag to surge from $16 to almost $50 in some stores.

The south Asian country, which accounts for 40 percent of world rice exports, ordered a halt to its largest rice export category, non-basmati rice, on Thursday to calm domestic prices, sparking fears of global shortages.

Videos and reports shared on social media over the weekend show Indian-Americans standing in long lines or panic-buying rice in Texas, Michigan, New Jersey Alabama, Ohio, Illinois and California.

Some stores have hiked the price of a 20-pound bag to $46.99 and have started money-making schemes to capitalize on the panic, according to Business Line.

‘A few desi grocery shops came up with innovative ideas to force customers to spend a minimum of $35-$50 on other items to purchase a single rice bag, which is outrageous,’ a shopper told the outlet.

https://www.dailymail.co.uk/news/article-12331565/Indias-rice-export-ban-triggers-panic-buying-supermarkets-sparking-costs-20-pound-bag-soar-16-50.html