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NewsletterNewsletterRice Market Monitor - April 2008 2008Short term supply and demand imbalances, along with a weak US dollar, low world rice reserves, rising production costs and higher prices of competing agricultural and substitute food commodities help explain the recent tendency for international rice prices to move up, but they do not fully justify the extent and the suddenness of the surge. In recent months, rice export prices staged a remarkable increase, reaching unprecedented high levels in nominal terms, although in real terms , they still fell well short of the levels witnessed in the mid-1970s. For illustration, prices of Thai white rice 100%B almost trebled between April 2007 and April 2008, with much of the gain accruing since November last year. The price surges have not only concerned rice, but also other basic foodstuffs, kerosene, and other essentials, affecting numerous countries and stirring considerable concern among governments. Many importing countries have responded by implementing domestic price stabilization actions, such as reduction or removal of import tariffs and duties and tightened retail price controls, while a large number of exporting countries have imposed restrictions on exports.