Asia's rice prices fell to their lowest point in over 16 years as supply worries subsided following India's easing of export restrictions.

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Rice Pricing

As per the Thai Rice Exporters Association, Thai white rice 5% broken—an Asian benchmark—plunged about 11% to $509 a ton on October 2nd. That was the largest drop in data compiled since May 2008, extending prices' long-term decline to their lowest level in more than 15 months.

Rice prices rose last year after top shipper India imposed export restrictions to control local prices. Following recent national polls, the Asian nation relaxed some restrictions, potentially alleviating a domestic glut and lowering import costs for countries such as Indonesia and Senegal.

Grains are essential to billions of people's diets, accounting for up to 60% of total calorie intake in parts of Southeast Asia and Africa. While the price of rice has dropped, the cost of other food staples is rising as extreme weather threatens harvests worldwide.

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REFERENCE- cnbctv18.com