India's ban on rice exports causes panic-buying in U.S.
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(NEWSMAX) – India's ban on rice exports is causing panic-buying across the United States, as the price of a 20-pound bag of the staple grain has tripled in some grocery stores, according to the Daily Mail.
A full 40% of world rice exports come from the south Asian country, which banned exports of non-basmati rice on Thursday in a bid to stabilize domestic prices.
Social media videos from over the weekend show Indian Americans in Texas, Michigan, New Jersey, Alabama, Ohio, Illinois, and California panic-buying rice or standing in long lines. Business Line reported that some stores have inflated the price of a 20-pound bag to $46.99 and have come up with ways of capitalizing on the panic.
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