The prices of refined sugar has surged to the highest in more than a decade. Global supplies are also about to tighten as India, a major shipper, is cutting exports to use sugar towards biofuel. Rising cost of sugar poses threat to food inflation:
Prices of refined sugar surged to the highest in more than a decade this week, and are on track to jump about 11% in March, the most for a month since 2021. The raw variety, meanwhile, is hovering near its most expensive level in over six years. Global supplies are becoming tighter, mainly because India, one of the world’s top shippers, is cutting exports after rains hurt the sugar cane crop and as the country diverts more of the sweetener to make biofuel.
If the country exports less sweetener than expected next season, “prices will have to rise to extract sugar from any other part of the world,” said Henrique Akamine, head of sugar and ethanol at Tropical Research Services. The jump in sugar prices has already worsened the impact of inflation in the UK with shoppers paying more for baked goods, sweets and fizzy drinks.
The drop in Indian exports is down to lower output and more use of sugar cane for biofuel. Heavy rains cut cane yields in Maharashtra, which accounts for more than a third of the country’s sugar output. The food ministry expects national production to fall to 33.6 million tons in the current season, down from an earlier estimate of 35.2 million tons and 35.9 million tons a year earlier.
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