Sugar prices are rising worldwide after bad weather tied to El Nino damaged crops in Asia

Published 2023년 11월 19일

Tridge summary

Surging sugar prices due to lower global supplies are leading to the closure of bakeries and a decline in bread production in Nigeria, a country heavily dependent on bread as a staple food. This is part of a broader problem of food insecurity in developing nations, worsened by shortages in staples like rice and bans on food trade, as well as the effects of El Nino and weaker currencies. While wealthier nations can absorb the higher costs, poorer nations are struggling, and sugar reserves worldwide are at their lowest since 2009.

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Original content

Skyrocketing sugar prices left Ishaq Abdulraheem with few choices. Increasing the cost of bread would mean declining sales, so the Nigerian baker decided to cut his production by half. For scores of other bakers struggling to stay afloat while enduring higher costs for fuel and flour, the stratospheric sugar prices proved to be the last straw, and they closed for good. Sugar is needed to make bread, which is a staple for Nigeria's 210 million people, and for many who are struggling to put food on the table, it offers a cheap source of calories. Surging sugar prices - an increase of 55 per cent in two months - means fewer bakers and less bread. “It is a very serious situation,” Abdulraheem said. Sugar worldwide is trading at the highest prices since 2011, mainly due to lower global supplies after unusually dry weather damaged harvests in India and Thailand, the world's second- and third-largest exporters. This is just the latest hit for developing nations already coping with ...

Source: Channelnewsasia