Global sugar prices have risen every month this year, the highest level in 11 1/2 years since October 2011.
The global Sugar Price Index soared 27.9 percent from January, according to the United Nations’ Food and Agriculture Organization.
The index rose every month from 116.8 in January to 125.2 in February, 127 in March, and 149.4 last month due to concerns about reduced global sugar production in India, China and other countries.
For instance, increased rainfall in Brazil has trimmed the country’s sugar production estimates by nearly 3 percent.
There are growing concerns that the rising sugar prices will also affect the confectionery industry in South Korea, which has already experienced sugarflation since Russia’s invasion of Ukraine.