World: El Niño causes sugar prices to soar

Nigerian baker Ishaq Abdulrahim had to halve the size of his bread due to soaring sugar prices. It was obvious that raising the price would lead to a decline in sales, so there was no other choice. Bread is the staple food of the poor, but when prices rise, the poor become unable to buy bread. Many bakers have struggled to withstand the surge in fuel and flour prices, but all efforts are made in the face of sky-high sugar prices, which have soared 55% in two months. This was in vain. Many eventually had to close their doors. “It is a very serious situation,” Abdulrahim said. Global sugar prices are at their highest level since 2011. This is due to unusually dry weather in India and Thailand, the world's second and third largest exporters, which have significantly reduced harvests. This is a major blow to developing countries already dealing with shortages of staples such as rice and food trade bans that have added to food inflation. The effects of El Niño, the Russia-Ukraine war, ...