Sugar inflation is still possible: The price rise in South Korea is the highest in 16 months

Published Feb 12, 2024

Tridge summary

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.

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

Original content

Sugar is on display at a large supermarket in downtown Seoul on the 12th. 2023.11.12/News1 ⓒ News1 Last month, the rate of increase in sugar prices among consumer prices reached the highest in 16 months. The increase has increased compared to the fall of last year, when there were concerns about so-called 'sugar inflation'. According to the consumer price index by item of Statistics Korea's National Statistics Portal (KOSIS) on the 12th, the sugar index in January recorded 146.77 (2020 = 100), up 20.3% compared to the same period last year. This is the highest rate of increase in 16 months since the rate of increase was 20.7% in September 2022. 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 ...

Source: Donga