Sugar prices hit 13-year high due to El Nino fallout
By Dennis Tarus |
Global sugar prices soared to their highest level in almost 13 years in September as the El Nino weather phenomenon hit production in India and Thailand.
By AFP
Global sugar prices soared to their highest level in almost 13 years in September as the El
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Nino weather phenomenon hit production in India and Thailand, the Food and Agriculture
Organization said Friday.
While world food prices steadied as a whole last month, the FAO's Sugar Price Index jumped
by 9.8 per cent compared to August, the highest point since November 2010, the UN agency
said.
El Nino, a climate pattern that occurs on average every two to seven years, is typically
associated with warming ocean surface temperatures in the central and eastern tropical
Pacific Ocean.
The phenomenon, which can last between nine to 12 months, started in July, according to
the UN's World Meteorological Organization.
The FAO's Sugar Price Index has now risen for two consecutive months due to increasing
concerns over a tighter global supply outlook in the 2023-2024 season.
"This mainly reflects early forecasts pointing to production declines in key sugar producers,
Thailand and India, due to drier-than-normal weather conditions associated with the
prevailing El Nino event," the FAO said.
"Higher international crude oil prices also contributed to the increase in world sugar prices,"
it added.
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