Thailand, the world's top exporter of rice has surged its prices to around US$1,000 per tonne, feeding concerns about food security.

In Bangkok, some traders have estimated that Thai 100-per cent B grade white rice could hit US$1,300 a tonne due to huge demand from major importer, the Philippines.

Even though some analysts say the price, part of a wider global rally in crop prices, is based on frightened governments rather than fundamentals, Thailand's top exporters say the world is now set for an era of expensive food.

Some analysts have attributed much of the surge to panic buying by both consumers and governments rather than a dire shortage of supply.