In Europe, sugar has risen in price by 50-60% per year

Published 2023년 2월 3일

Tridge summary

The European Union is experiencing a significant increase in sugar prices, with a average rise of 20-30% and in some countries up to 50-60% due to the energy crisis, reduced production in local factories, and cut supplies from exporters. The highest food inflation was recorded in Hungary at almost 50%. This increase is attributed to the low sugar beet harvest, reduced production in Brazil due to rising ethanol prices, and the closure of factories in India. The main reason for the price hike is the increase in natural gas prices in Europe, which has averagely risen by 60%. Südzucker, the continent's largest sugar producer, anticipates further price increases, affecting baked goods, sweets, chocolate, and drinks.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to experts, the rise in prices for this product will continue Products in the EU countries have risen in price by an average of 20-30% over the year against the backdrop of the energy crisis. At the same time, sugar prices in some countries increased by 50-60%. Local factories are reducing production, and exporters are cutting supplies of this product, Izvestia writes. Food inflation in the EU in December amounted to 18.2%, and in the Eurozone - 16.2%. The highest price growth rates were noted in Hungary - almost 50%, Lithuania is in second place - 33.5%, then Estonia - 30.8%. According to the December data of the European Commission, over the past year in Estonia, sugar prices have doubled, in the Czech Republic - by 98.9%, in Poland - by 87.4%, in Germany - by 63%, in Italy and Spain - by 51%, in France — by 23%. This was partly due to the low sugar beet harvest in Europe. According to Südzucker, the continent's largest sugar producer, the area devoted to growing sugar ...

Source: Specagro