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Could you tell me if the phrase

The rice's price sharply raised in Brazil

is correct? I have a doubt regarding the 's. Can I use it as I wrote above?

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    The rice's price is grammatically correct, but in a context like this we would normally prefer the price of rice. Also, it's rose sharply. Oct 8, 2020 at 13:20

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When referring to costs in a general way, it's more natural to say the price of X. For countable nouns like house, you use the plural. For uncountable nouns like rice, you just use the word.

The price of rice in Brazil rose sharply this week.

The price of houses in Britain has fallen in recent times.

On a side note, 'raise' is often confused with 'rise', but they are two different verbs, one being transitive and other intransitive. The base form, simple past, and past participle are:

rise - rose - risen
raise - raised - raised

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