India — which is responsible for 40% of the world’s exports — has banned exports of white rice as of last Wednesday, 20 July,in order to contain domestic prices and ensure availability to the local market, according to a notification (pdf) by the Directorate General of Foreign Trade. The ban, which comes after erratic weather curbed domestic production, is expected to add to global inflation and increase rice prices, Reuters reports. “We expect a minimum gain of around USD 50 a metric ton and it could be USD 100 or even more,” said one Singapore-based trader at an international trading company.

There will be exceptions: Countries in need of rice exports to plug their food security needs can be granted exemptions from the Indian government upon their request, the notification said.

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