Rice price soars

Rice is the staple food for 3 billion people, that's half of the world's population.

On Thursday, rice prices in Thailand, the market's top exporter, surged to more than $1,000 dollars a tonne - a jump this week of 5 percent, taking prices to nearly three times their level since the start of the year.

It's more bad news for rice importing countries.

(SOUNDBITE) (French) RICE VENDOR, VICTORIEN ANIGLO, SAYING:

We're in a country where people find it hard to part with the little money they have, and with the price rise people can't afford to eat anymore."

Victorien Aniglo is a rice seller from the Ivory Coast. A kilo used to cost less than a dollar, it's now a dollar-fifty, and families are feeling the pinch.

(SOUNDBITE) (French) SHOPPER MONIQUE ADJOUA KOUAKOU, SAYING:

"You buy three kilograms of rice, and there's not much left for the rest of the things you have to buy."

The United Nations says soaring fuel costs combined with food scarcity helped trigger the crisis.

But some analysts, like commodities expert, Dennis Gartman, say the glut of negative news stories are goading jittery governments and consumers into panic buying.

(SOUNDBITE) (English) DENNIS GARTMAN, COMMODITIES EXPERT SAYING:

"They perceive a shortage that really doesn't exist."

As grain prices hit new highs this week in the world's richest country the number two warehouse club operator, Sam's Club, a unit of retail giant Wal-Mart, moved to ration bulk sales of three major types of rice to prevent holding.

U.S. rice authorities say Americans have nothing to fear.

(SOUNDBITE) (English) TIM JOHNSON, CALIFORNIA RICE COMMISSION PRESIDENT AND CEO SAYING:

"(You shouldn't be concerned at all,) there's plenty of rice in our rice mills, in our rice silo's and frankly there's plenty of rice for the stores."

But the grain stores in many parts of the world are running dangerously low.

For people living in West Africa, India, Brazil and many other countries, the food crisis is very real.

Helen Long, Reuters

staple - A basic dietary item, such as flour, rice, or corn.
feel the pinch to be forced to economize
glut Noun an excessive supply
goading - a verbalization that encourages you to attempt something
jittery Adjective nervous
per·ceive tr.v. per·ceived, per·ceiv·ing, per·ceives

1. To become aware of directly through any of the senses, especially sight or hearing.

2. To achieve understanding of; apprehend. See Synonyms at see¹.

bulk n.

1. Size, mass, or volume, especially when very large.

2.a. A distinct mass or portion of matter, especially a large one: the dark bulk of buildings against the sky.

b. The body of a human, especially when large or muscular.

3. The major portion or greater part: "The great bulk of necessary work can never be anything but painful" Bertrand Russell.

holding - intended for usually temporary storage or retention <a holding tank>
mills - a building provided with machinery for grinding grain into flour