Thailand and Vietnam are planning to increase the price of their rice exports, raising concerns in the global community over world hunger already exacerbated by export glitches inflicted by Russian invasion of Ukraine.

 Multiple media reports surveyed by The Oracle Today Wednesday stated that the two countries which fall in the first three biggest rice exporters in the world are already in talks to increase income for rice producers in their country by taking advantage of the acute food shortage currently plaguing the world.

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The Oracle Today reports that Russia and Ukraine which also fall within the first five grain exporters in the world are constrained with their food export.

Whereas Russia is under global condemnation and trade sanctions for invading Ukraine, the latter has lost its maritime territories and quay facilities to Russian forces. Both situations mean that large quantities of grains are stuck in the two countries while the global food markets suffer acute supply shocks.

  End to the Ukrainian war is currently not in sight as mediations have failed to bring about ceaefire.

Thailand’s government spokesperson said Thailand and Vietnam which are the world’s second- and third-largest rice exporters after India aim to increase farmer income and bargaining power.

Thai government spokesperson Thanakorn Wangboonkongchana said the country is working out collaboration with Vietnam to raise the price of rice. The Thai and Vietnamese rice are widely sold in the Nigeria market at affordable prices.

Thanakorn said “The rice price has been low for more than 20 years while the cost of production has been increasing.”

Analysts predict that a price increase in the staple grain would be bad news for billions of people across the world, especially as it comes on top of soaring wheat prices.

Thai Commerce Minister Jurin Laksanawisit told reporters on Friday that the country’s rice exports are getting a boost this year due to a recovery in global demand and as the country’s currency falls to a five-year low against the US dollar, which is used in the trade of commodities internationally, per Bloomberg.

Vietnam’s agriculture ministry did not immediately respond to Insider’s or Reuters’ requests for comments.

Vietnam’s Food Association played down the prospect of measures to boost prices ahead of a June meeting with its Thai counterparts.

“The meeting will focus on measures to cooperate in sustainable food production,” Nguyen Ngoc Nam, the chairman of Vietnam’s Food Association, told Reuters. “It’s not reasonable to talk about raising or controlling rice prices at this time when the global food price is on the rise.”

Neither Thailand nor Vietnam are facing a shortage in rice supply this year, according to data from the US Department of Agriculture. However, like in many countries, inflation in both countries has risen sharply in the last year, putting pressure on the government to soften the impact on their populations. About 30% and 40% of the population in Thailand and Vietnam respectively are employed in the agricultural sector, according to the United Nations.

Consumer prices in Thailand are hovering around a 13-year high, having gained 4.71% on-year in April, according to data from the country’s Commerce Ministry. Prices in Vietnam rose 2.86% on-year in May, according to data from the country’s statistics office.

But consumers could turn to other major exporters for rice like top exporter India for supplies.

“If Thailand and Vietnam try to jack up the prices, obviously price-sensitive buyers in Africa will shift towards India,” B.V. Krishna Rao, president of the All India Rice Exporters Association, told Reuters. He said neither country has approached India about participating in a rice cartel, Reuters reported.

Benchmark export prices for Thai rice have averaged $420 a metric ton this year 16% higher than India’s $363 a ton, per Reuters.

Indian trade and government sources told Reuters on Friday that there were no plans to limit rice exports.