From WCBS TV
Perceived shortage or not, if you want to buy staples at the store, it will cost you more.
The price of a bag has nearly doubled in recent months. In February the cost was $9. Now it's up to $16. Industry analysts say the shortage can be attributed to a change in Chinese trade policy. The Chinese were once a main exporter of rice, but they stopped exporting when the American dollar got too weak for them to make a profit.
"This is a significant problem, not just here but especially in parts of the world where people are living on less than a dollar a day," said Scott Faber of the Grocery Manufacturer's Association.
And skyrocketing production costs aren't limited to rice growers these days. Since last year, flour has gone up 13 percent, milk 10 percent and eggs a staggering 30 percent.
Perceived shortage or not, if you want to buy staples at the store, it will cost you more.