ROME - International rice prices may start falling as a result of excellent production prospects this year, a UN food agency said Thursday.
Global market conditions could ease as new crops are being harvested around the world, helping reverse the upward trend in prices, said the Rome-based Food and Agriculture Organization. Rice prices have been skyrocketing in recent months, reaching unprecedented levels.
The agency said price pressure would remain high at least until October or November, when the bulk of this year's paddy crops will reach market.
The agency also said the pressure would further ease if producing countries, such as India, relax current export curbs.
Escalating food prices have recently triggered protests around the world.
The United Nations has blamed the soaring prices on a range of causes high oil prices, growing demand, bad trade policies, bad weather, panic buying and speculation. - AP