2 of the world's top rice producers are reportedly in discussions about hiking prices, and it's bad news for buyers

Two of the world's top rice producers are in talks to raise prices, according to a Thai government spokesman.

Thanakorn said they aim to raise rice prices, increase farmer income and increase bargaining power in the global market.

Thailand and Vietnam are the second and third largest rice exporting countries. A price increase in the staple grain would be bad news for billions of people around the world.

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, according to the Commerce Minister.

Vietnam's agriculture ministry did not immediately respond to requests for comments.

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

The meeting will focus on measures to cooperate in sustainable food production, according to the chairman of Vietnam's Food Association.

According to the US Department of Agriculture, there is no shortage of rice in Thailand or Vietnam this year. Inflation in both countries has gone up in the last year, putting pressure on the government to help the population. According to the United Nations, about 30% and 40% of the population in Thailand and Vietnam are employed in the agricultural sector.

Consumer prices in Thailand have been at a 13-year high in April, according to data from the country's Commerce Ministry. In May, prices in Vietnam rose 2.86%, according to data from the country's statistics office.

India is the top exporter of rice, so consumers could turn to it for supplies.

If Thailand and Vietnam jack up the prices, price sensitive buyers in Africa will shift towards India, according to the president of the All India Rice Exporters Association. India has not been approached about participating in a rice cartel.

Thai rice export prices have averaged $420 a metric ton this year, which is 16% higher than India.

There are no plans to limit rice exports, according to Indian trade and government sources.