OAKLAND, Ca. -- Rising prices are beginning to affect all facets of people's lives, such as travel, housing and food.Some major retailers have even begun to ration rice, NBC Correspondent Noelle Walker reported.
Experts said a shortage in Asia and a drought in Australia are beginning to affect other parts of the world, including the United States.Some of the largest rice exporters have restricted exports.Son Tran, owner of Le Cheval Vietnamese restaurant in Oakland, said he's seen the price of rice go from $20 to $40 in a matter of weeks."It's like gold right now," he said.
The price of vegetables has also gone up by about 50 percent, experts said."With the economy down 10 percent, we don't want to increase prices, so we are going to wait another three months and see what happens,' said Son Tran.On Wednesday, Sam's Club and Wal-mart also began limiting the sale of several types of rice, including long-grain white rice, to four bags per visit because of the supply problem.
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