NBC11
April 23, 2008
The price of a food staple — rice — is rising significantly, NBC11 reported.
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The price of rice has increased dramatically in recent weeks due to crop failure overseas and resulting hoarding, NBC11 reported.
And at least one Bay Area store is asking customers to hold back on their rice purchases. Costco has posted signs asking customers to follow their regular rice-buying habits.
The rice price increase is a result of a domino effect, NBC11’s Noelle Walker reported. Drought in Australia led to a severe decline in rice production that in turn led the world’s largest rice exporters to restrict exports. That spurred higher rice prices and hoarding in Asian countries, NBC11 reported.
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