Spain: Can sugar become the next problem for the shopping basket?

Published 2023년 10월 14일

Tridge summary

The FAO warns that sugar prices have increased by 48.3% in the past year, reaching the highest level since November 2010. This increase is attributed to poor harvests in producing countries like Thailand and India due to the El Niño meteorological phenomenon, as well as rising production costs caused by higher oil prices. The price increase could have been even greater if Brazil, the largest sugar cane producer, had not had favorable weather and a weakened currency, which helped to cushion the impact.

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

Original content

The FAO, the UN agency in charge of agricultural crops and food, warns in its September price report about how sugar prices are increasing worldwide. In fact, in the last year, this basic ingredient in the food industry has increased by 48.3% in international markets, reaching 162.7 points, something that has not happened since November 2010. In Spain, since September 2022, its price has risen by 40.5%. This being the case, could sugar become a new inflation factor, as olive oil has been for a few months now? The causes of the global increase in sugar prices, points out the FAO Food Price Index (acronym in English for the Food and Agriculture Organization of the United Nations), are found, on the one hand, in the poor harvests that has occurred in producing countries such as Thailand and India due to the El Niño meteorological phenomenon, and, on the other hand, due to the increase in production costs generated by the rise in oil prices. El Niño, which this year officially began ...

Source: Levante-emv