Previous news : Inflation on food price ramming India. Price of most agricultural products are up.
Today's news : As a consequence rice price in BD is jumping up uncontrollably. Note that we have just finished the harvesting season.
Q. "Would it be OK to store food?"
In Islamic rule it's permissible to store up to 1 year for food for family consumption.
^^^ that was about permission, not an advice.
I believe even if price increase 100%, ie double the last year, it's better to buy as you need, instead of storing for long term.