According to CoinMeta, the benchmark price of rice in Asia has risen to its highest level in nearly two years, which may further exacerbate food inflation pressures. Affected by the El Niño phenomenon, India, the world's largest rice exporter, has faced more severe drought than in previous years, hindering crop production. The US Department of Agriculture expects that global rice production this season will decline for the first time in over a decade. Data from the Thai Rice Exporters Association shows that as of Wednesday, the quote for 5% broken and white rice from Thailand had risen to $499 per ton, the highest level since December 2024. The price of糙 rice futures in Chicago has also increased by more than 80% this year. According to data released by the Philippine government on Thursday, as the world's largest rice importer, the price of rice in the Philippines increased by 7.8% in October compared to the same period last year. The United Nations Food and Agriculture Organization (FAO) also expects that global rice production will decline in the 2026-2027 season.