Sugar inflation is still possible: The price rise in South Korea is the highest in 16 months
Market & Price Trends
Published Feb 12, 2024
South Korea's sugar prices have surged to a 16-month high, with the sugar index in January rising by 20.3% year-on-year, according to Statistics Korea's National Statistics Portal. This increase, the highest since September 2022, is due to anticipated production in major sugar exporting countries like Thailand and India. Consequently, the inflation rate of sugar-related processed foods such as chocolate, candy, ice cream, and jam has also risen. International sugar prices are expected to remain high in the near future.
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Sugar is on display at a large supermarket in downtown Seoul on the 12th. 2023.11.12/News1 ⓒ News1 As sugar prices continued to rise last fall, sugar inflation (an increase in the prices of snacks, bread, and ice cream made from sugar) was expected to occur at the time. There were concerns that this would happen. However, the increase in sugar prices in January was actually greater than then. The rate of increase in sugar prices was in the 10% range from September 2022 to June of last year, but then slowed down to 3.9% in July of last year. Afterwards, the increase increased to 13.9% in August, 16.9% in September, 17.4% in October, 19.1% in November, and 20.1% in December. The reason for the rise in sugar prices is the expected production in Thailand and India, major export countries. This low point is highlighted. The inflation rate of sugar-related processed foods such as chocolate, candy, ice cream, and jam is also high. The rate of increase in candy prices has remained in the ...