Rice Prices Jump 20% in May Amid War, Fertilizer Spike
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- Thai white rice benchmark jumped 20% in May, the biggest monthly increase since 2008.
- Chicago Board of Trade rice futures rose 15% in May, reflecting broader market pressure.
- Bin Hui Ong, BMI analyst at Fitch Solutions, says prices will keep rising due to El Niño and high fertilizer costs.
- International Rice Research Institute reported nitrogen fertilizer prices in Thailand, Cambodia and the Philippines have surged 40‑50% since the war began in February.
- Tran Van Be Bay, a 60‑year‑old Vietnamese farmer, will skip one planting round this season because of soaring fertilizer costs and hot weather.
Why it matters: Farmers in Vietnam and Thailand face higher input costs, while consumers across Asia will pay up to 20% more for rice, tightening household budgets and risking food‑security shocks.
