Brace for higher rice prices–World Bank
FILIPINOS should brace for higher rice prices in the next five years, as more expensive oil could cause the price of production inputs such as fertilizer to go up, according to the World Bank.
In its latest report, titled Commodities Market Outlook, the World Bank estimated that rice prices in the international market could rise to $390 per metric ton (MT) by 2020, from $375 per
MT this year.
“Food-commodity prices are affected by energy prices through a number of channels, including fuel costs and chemicals, and indirectly through fertilizers [some fertilizers are made directly from natural gas],” the World Bank report read.
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