The price of rice has hit $1,000 a tonne for the first time.

It follows fears of shortages after leading grain exporters such as India, Egypt, Vietnam and Indonesia shut off supply in an attempt to curb food inflation.

“It is panic,” president of rice exporter Riceland International Vichai Sriprasert told the Financial Times. “My customers are demanding double the usual volume. We would not have enough supplies for all the demand we are facing.”