Devaluation of the US Dollar is the primarly cause of US inflation, and Dollar devaluation is caused by things like printing fiat US Dollars and wild US Government spending.
There is a mis-titled, but otherwise brilliant, opinion piece in the 10 June 2008 Wall Street Journal titled "The Fed and the Price of Rice." I say mis-titled because the title should be "Congress and the Price of Rice."
The last paragraph from that WSJ piece reads ...
Officials should stop wringing their hands over sky-high rice prices caused by alleged changes in rice's supply-demand fundamentals, and politicians should refrain from pointing accusative fingers at speculators and hoarders. The rice-price problem is a weak dollar problem. Until the dollar strengthens, the nominal dollar prices of rice and other commodities will remain elevated.
Anything's possible, but that doesn't seem to be a favourite, so far this crop year. China has lost some rice acreage, Austraila (formerly an important swing supplier in rice) is still way too dry to revive its rice industry, and the US crop was planted late and is losing yield potential due to the wet weather. Other nations have (temporary) surpluses, but will not, for internal political reasons, export any of the surplus.