Brazil: After skyrocketing prices, rice sales stall; lead to surplus stock

The price of the product fell 16% in supermarkets in 2021, but still remains 46% above its pre-pandemic level.

RIO DE JANEIRO, BRAZIL - After a leap in sales in Brazil, exports and in prices in 2020, rice, the great "villain" of inflation that year, is now experiencing a very different situation.

In 2021, high prices were met by a population with shrinking incomes, while foreign buyers reduced their orders. The result is that sales of the product have dropped, and rice producers have a surplus of it in their stocks.

In December last year, rice stocks were approximately 35% higher than in December 2020, according to information from the National Supply Company (CONAB) and the Center for Advanced Studies . . .

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