Sugar Prices Surge 55% in Months, Straining Global Food Reserves and Impacting Key Exporters and Importers
-
Sugar prices have risen 55% in two months due to droughts damaging crops in Asia, impacting major exporters like India and Thailand. This is exacerbating food insecurity.
-
The increase in sugar prices has forced Nigerian bakers to cut production and close shops, reducing availability of bread, a staple food.
-
Global sugar reserves are at their lowest level since 2009 due to increasing use for biofuels and the impacts of climate change worsening weather events like El Niño.
-
Brazil's harvest won't boost supplies until 2024. Import-dependent countries in Africa are vulnerable in the meantime.
-
Population growth and rising sugar consumption will further strain low reserves over the next few months, which are of greatest concern according to the UN Food and Agriculture Organization.