Rice prices in Hong Kong dollars: how high is the world price in history, and why has local rice CPI fallen?
Thai 5% white rice averaged US$471 a tonne in August 2026, or about HK$3,694 a tonne and HK$3.69 a kilogram, the 102nd-highest of 548 months since 1981 and 47.7% below April 2008. Under the peg the Hong Kong dollar barely changed the 12-month rise, while the rice component of Hong Kong's CPI fell 1.1% in September.
World rice prices are in the news again in 2026. For households in Hong Kong, two questions matter more than the US dollar headline: how expensive is that world price in Hong Kong dollars compared with history, and how much of it has reached the rice that people actually buy?
What is the world rice price in Hong Kong dollars?
In August 2026, about HK$3.69 a kilogram.
World Bank Thai 5% white rice, August 2026 monthly average of US$471 a tonne × average exchange rate of 7.8425 = about HK$3,694 a tonne (CapsWindow calculation)
The price is the “Rice, Thai 5%” series in the World Bank Pink Sheet (updated 2 October 2026): an export quotation for Thai white rice with 5% broken grains, free on board in Bangkok, in US dollars per tonne. The exchange rate is the FRED monthly average. CapsWindow’s exchange-rate data currently ends in August 2026, so August is the latest Hong Kong dollar month in this note.
The latest US dollar price is US$482 a tonne for September 2026, 28.9% above September 2025 (US$374). Multiplying the September dollar price by the August exchange rate gives about HK$3,780 a tonne, but the months do not match, so treat it only as a reference.
Where does it rank in history?
August 2026 is the 102nd-highest of 548 months since January 1981.
Where does it rank in history?
HK$ per tonne (calculated)
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Rank | Month | US$ per tonne | HK$ per US$ | HK$ per tonne (calculated) |
|---|---|---|---|---|
| 1 | April 2008 | 907.0 | 7.7910 | 7,066 |
| 2 | May 2008 | 901.8 | 7.7988 | 7,033 |
| 3 | June 2008 | 757.0 | — | 5,910 |
| 4 | July 2008 | 731.8 | — | 5,708 |
| 5 | August 2008 | 693.5 | — | 5,415 |
| Reference | January 2024 (recent peak) | 660.0 | 7.8164 | 5,159 |
| 102 | August 2026 | 471.0 | 7.8425 | 3,694 |
Hong Kong dollar prices are CapsWindow calculations from World Bank monthly averages and monthly average exchange rates; exchange rates for ranks 3 to 5 are omitted.
August 2026 is 47.7% below the April 2008 peak and 28.4% below January 2024, the high of the 2023-24 episode. In US dollars, the same month ranks 108th over the same 548 months. The two rankings are close because the Hong Kong dollar has been linked to the US dollar since October 1983; the small difference comes from the peg’s band and the years before it. Across all 801 months of World Bank data since 1960, September’s US$482 ranks 110th.
Did the exchange rate add to the rise?
Hardly at all.
| Month | US$ per tonne | HK$ per US$ | HK$ per tonne (calculated) |
|---|---|---|---|
| August 2025 | 375.0 | 7.8260 | 2,935 |
| October 2025 (recent low) | 356.0 | 7.7745 | 2,768 |
| January 2026 | 408.0 | 7.7965 | 3,181 |
| June 2026 (2026 high) | 494.0 | 7.8377 | 3,872 |
| August 2026 | 471.0 | 7.8425 | 3,694 |
From August 2025 to August 2026 the price rose 25.6% in US dollars and 25.9% in Hong Kong dollars, because the Hong Kong dollar weakened by only 0.2% (CapsWindow calculation). From the October 2025 low, the Hong Kong dollar price is up 33.5%.
Elsewhere in Asia the exchange rate mattered much more over the same 12 months. In Japanese yen, Indonesian rupiah and Philippine pesos the rise was above 35%, because those currencies weakened; in Malaysian ringgit and Singapore dollars it was below the US dollar rise, because they strengthened.
What about after inflation?
In real terms the world price is far from a record. Converted to July 2026 Hong Kong consumer prices, July 2026 ranks 193rd of 352 months since April 1997.
| Month | Nominal (HK$ per tonne, calculated) | At July 2026 prices (calculated) |
|---|---|---|
| April 2008 | 7,066 | 10,880 |
| January 2024 | 5,159 | 5,357 |
| July 2026 | — | 3,662 |
The adjustment uses Hong Kong’s headline CPI in CapsWindow’s data (a long series linked by the BIS from Census and Statistics Department data, starting in April 1997 and currently ending in July 2026). July 2026 is 66.3% below April 2008 and 31.7% below January 2024 in real terms. Because CPI ends in July, this section uses July rather than August as the latest month.
What about rice in Hong Kong’s CPI?
It is falling, not rising. The rice index in Hong Kong’s Consumer Price Index was 103.3 in September 2026, down 1.1% on a year earlier (Census and Statistics Department, Table E501). Over the same 12 months the Composite CPI rose 1.9%, to 111.2.
| Rice in the Composite CPI (Oct 2019-Sep 2020 = 100) | Value |
|---|---|
| September 2026 | 103.3 (−1.1% year on year) |
| August 2026 | 103.6 (−0.2%) |
| June 2026 | 101.7 (−1.9%) |
| September 2025 | 104.5 (+2.0%) |
| Record | 106.7 in April 2024 (now −3.2%) |
| 2008 crisis | 63.6 in January 2008 → 93.1 in July 2008; +66.3% year on year in July 2008 |
| 5 years (Sep 2021 → Sep 2026) | rice +1.5%, all items +12.1% |
| 10 years (Sep 2016 → Sep 2026) | rice +23.7%, all items +19.2% |
| 20 years (Sep 2006 → Sep 2026) | rice +94.2%, all items +63.8% |
Index values and year-on-year rates are from the Census and Statistics Department (table list); the 5-, 10- and 20-year changes are CapsWindow calculations.
So in the latest year the world price rose about 26% in Hong Kong dollars while local rice prices in the CPI slipped. Over five years, rice in the CPI has barely moved while overall prices rose 12.1%. Over 20 years, it rose faster than overall prices, a period that includes the 2008 jump.
Why the gap? The Thai 5% series is a single long-grain export grade, quoted before shipping, import, distribution and retail costs. Retail rice in Hong Kong covers many origins, varieties and brands, and retailers’ stocks and pricing can delay or soften changes in export quotations. CapsWindow could not confirm a current Hong Kong retail price per kilogram, import volumes or details of the rice stock arrangements at the time of writing, so this note does not compare retail and export prices directly.
Why did world rice prices rise again, and how should these numbers be read?
The US dollar price fell to a low of US$356 a tonne in October 2025, then rebounded to US$494 in June 2026 and US$482 in September. The FAO said its All Rice Price Index rose 1.4% in September 2026 as Indica quotations rose amid weather concerns and seasonally tighter supplies.
Reported reasons include weak monsoon rain in India, where the rice exporters’ association said 2026/27 output could fall by about 10 million tonnes from a record 154 million, and the US Department of Agriculture’s estimate of 147 million tonnes, down 7 million (S&P Global). Flooding in Thailand, El Nino concerns, and freight and insurance costs are also cited (Trading Economics). At the same time, Indian government rice stocks reached a record 59.6 million tonnes on 1 September. Reuters’ weekly survey put Thai 5% at US$480 a tonne on 23 October, close to the World Bank’s September average (Business Recorder). These are reports and estimates, not outcomes.
To see how a past Hong Kong dollar amount compares today on several bases, use the calculator.
Compare a past HKD amount with today →
The world price in this note is an FOB Bangkok export quotation for Thai 5% white rice. It excludes freight, import, processing and retail costs and is not a Hong Kong retail price. Rice sold in Hong Kong differs in origin, variety and grade, so the two do not move together. Hong Kong dollar prices are World Bank monthly averages multiplied by monthly average exchange rates, not daily or weekly quotes. Exchange-rate data ends in August 2026 and CPI data in July 2026; September's dollar price at August's exchange rate is a reference only. This note does not forecast rice prices and is not advice to buy or invest.
Questions & answers
Has the price of rice in Hong Kong gone up recently?
Not according to the CPI. The rice index in Hong Kong's Consumer Price Index was 103.3 in September 2026, down 1.1% on a year earlier, and 3.2% below its record of 106.7 in April 2024. The overall Composite CPI rose 1.9% over the same 12 months.
Is it true that world rice prices have risen?
Yes. The World Bank's Thai 5% white rice price was US$482 a tonne in September 2026, 28.9% above a year earlier. In Hong Kong dollars, the August 2026 price of about HK$3,694 a tonne (HK$3.69 a kilogram, CapsWindow calculation) was 25.9% higher than in August 2025. Little of that rise shows in the September rice CPI so far.
What happened to rice prices during the 2008 rice crisis?
The rice index in Hong Kong's CPI was 66.3% higher in July 2008 than a year earlier, the largest annual rise in that crisis. The world price in Hong Kong dollars peaked at about HK$7,066 a tonne in April 2008, roughly 1.9 times the August 2026 level (CapsWindow calculation).
How much has rice risen over 20 years?
From September 2006 to September 2026 the CPI rice index rose 94.2%, while the overall Composite CPI rose 63.8%. Over the latest 10 years the gap is smaller: rice up 23.7%, all items up 19.2% (CapsWindow calculation from Census and Statistics Department data).
Source
- World Bank - Commodity Price Data (Pink Sheet), monthly historical data (updated 2 October 2026) ↗
- FRED - Hong Kong dollars to one US dollar, monthly (EXHKUS) ↗
- BIS - Consumer prices (Hong Kong headline CPI, long series) ↗
- Census and Statistics Department - Consumer Price Index report, September 2026 (Table E501) ↗
- DATA.GOV.HK - Consumer Price Index tables (D5600001) ↗
- Census and Statistics Department - Composite CPI, table 510-60001 ↗
- FAO - Food Price Index (2 October 2026) ↗
- Business Recorder (Reuters) - Asia rice, 23 October 2026 ↗
- Business Today - India rice output faces 10 mn tonne slump (18 September 2026) ↗
- S&P Global - India rice export opportunities amid El Nino concerns (16 October 2026) ↗
- Trading Economics - Rice news (15 October 2026) ↗