Rice prices have hit fresh records after World Bank officials said Thailand, the largest exporter of the grain, may restrict exports, worsening the global food crisis. The escalating food crisis is easily the biggest problem facing Asia and other emerging markets - much more troubling than the credit crunch.

Rice prices have hit new records for a fourth consecutive day after the world’s biggest importer of the grain, the Philippines, said it would be forced to buy 1 million tons of the grain to feed its population. “Forget the credit crunch for a moment.