Energy rally is raising cost of everything from bread to sugar
Bloomberg
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Tuesday, August 9, 2022
The Great European Energy Crisis Is Now Coming for Your Food. Energy rally is raising cost of everything from bread to sugar. It’s a double whammy for firms contending with material costs. “Whether it’s roasting coffee or making sugar from beets, companies are so far only talking about the increase in raw materials,” said Kona Haque, head of research for commodities trader ED&F Man. “I think the worst is still to come as energy prices rise. This winter will be a game changer and processing costs will likely go up.” Suedzucker AG, Europe’s largest beet-sugar producer, said earlier this year that a “substantial rise” in raw material, energy and packaging costs had offset increased revenues in the first quarter. Allied Bakeries, maker of Kingsmill and Allinson’s bread said in June that higher input costs continued to adversely affect margins despite sales being ahead in the third quarter.
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