India’s rice export ban could send decade-high prices higher

News Snapshot:

India banned the exports of non-basmati white rice with immediate effect late Thursday, the latest in the government's effort to rein in high food prices. The Ministry of Consumer Affairs said the ban would help ensure "adequate availability" of non-basmati white rice in India, as well as "allay the rise in prices in the domestic market." India is the world's leading rice exporter, accounting for more than 40% of the global rice trade, as well as the second-largest producer after China. Analysts told CNBC this week's ban could send already elevated prices shooting even higher, compounding effects from the country's...