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.