The price of rice is sky high

The global commodities boom that has lifted prices of everything from gasoline to gold is now elevating the price of rice — a staple food for half of the world — to its highest level in nearly 20 years. The ubiquitous grain is suffering from poor harvest and tight supplies, just as demand grows in places such as India and the Philippines. The price hikes are a boon to some farmers and investors, but the food-price inflation could widen the rift between the world’s haves and have-nots. — The Wall Street Journal (15 December 2007)