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Business and Society; Thinking global about the rice crisis.(Business News)

Byline: Bernardo M. Villegas

More than ever, it is important to think global in addressing the ongoing crisis of rapidly increasing prices of basic food items, especially rice.

As the inflation rate has risen to more than 6% in the last few months, mostly due to increases in the price of food and fuel, we should look beyond our shores to understand what will be a long-run phenomenon of high food prices. Before we start blaming one another for perceived erroneous or dishonest practices, let us consider what is a world-wide trend of rising food prices.

As reported by the Financial Times last April 2, 2008, Governments all over the developing world are scrambling to ...

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