World sugar prices have reached their highest level in 13 years

Sugar the most expensive in 13 years As announced by FAO, this is primarily due to the consequences for production in India and Thailand. The corresponding price index rose 9.8 percent in September compared with August, reaching its highest level since November 2010. FAO further explained that higher global oil prices also contributed to the increase in sugar prices. This provides an incentive for producers to convert part of the harvest into fuel, which in turn limits the supply of sugar and raises prices. Thailand is the world's second-largest sugar exporter after Brazil, and India is the third-largest. How does El Niño work? El Niño is a weather phenomenon characterized by warming of surface waters in the Pacific Ocean. It occurs on average every two to seven years and usually lasts nine to twelve months. El Niño causes heatwaves around the world, droughts in some regions of the world and heavy rains in others. El Niño could further raise global temperatures and lead to more ...