The price of white %Rice in Italy has surged more than 10% and hit a record high due to a combination of poor weather and limited supplies in the European country.
S&P Global Commodity Insights reports that white rice prices are at all-time highs as adverse weather conditions make the approaching harvest uncertain and is leading farmers to hold onto their crops.
The price of rice in Italy has topped 1,000 Euros ($1,086 U.S.) per metric ton for the first time ever as the country deals with a supply crunch.
In recent weeks, continuous rain and below-average temperatures have disrupted the sowing process, with 30% of rice crops yet to be planted.
The delay in planting pushes the harvesting of rice to October from September, according to S&P Global Commodity Insights.
As a result, farmers are postponing sales in hopes that prices will rise in coming months, leading into the autumn.
Due to the reduced crop and selling by farmers, millers in Italy are facing shortages.
At the same time, continued shipping disruptions along the Red Sea have caused delays in rice arriving from other nations such as Thailand and Vietnam.
Analysts say they expect white rice prices in Italy to continue rising over the summer months as the current situation worsens.
White rice is a staple in many Italian dishes such as Risotto.
