PARIS: 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, the Food and Agriculture Organisation 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 Organisation.
FAO’s Sugar Price Index has now risen for two consecutive months due to increasing concerns over a tighter supply outlook in the 2023-2024 season.
Published in Dawn, October 7th, 2023
