Export restrictions have exacerbated global and domestic price volatility, undermining food security both within the region and from a global perspective. Meanwhile, stockholding regimes and policies to incentivise domestic production in large importing ASEAN countries, both supported by trade restrictions, have stabilised prices compared with ASEAN peers, but at a much higher level of prices (Figures 5 and 6). As food insecurity is concentrated among lower-income households, the net impact of these policies on food security is in fact negative.