People around the globe are seeing sugar prices ticking up as the year draws to a close. An unusual dry spell in India and Thailand, the two largest exporters of sugar in the world behind Brazil, has weakened this season’s harvest.
El Niño, a naturally occurring climate pattern characterized by abnormally warm ocean waters in the tropical Pacific, is causing a domino effect around the world, fueling extreme weather in different areas. Abnormally dry weather in parts of Asia has taken its toll on sugar production.
In the past two months, global sugar prices hit their highest trading values in 12 years, surging past 28 cents per pound, according to data from the International Monetary Fund.
Retail prices for sugar and sweets are predicted to increase by 8.9 percent in 2023 and 5.6 percent in 2024, according to data from the U.S….
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