The Philippines failed to buy enough rice on Tuesday to boost its inventories and faced prices more than 40 per cent high­er than two months ago in the latest sign of a rapid tight­­ening of the global rice market.

The failure underscores the risk that rice could be in short supply in south-east Asia countries, where the grain is a staple food. It also signals further food inflation pressures in the region, where consumer prices are rising quickly.