Was sugar underpriced? Soaring costs pinned on perfect storm of inflationary pressures
FoodIngredientsFirst
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Tuesday, June 6, 2023
Inflation has caught up with the sugar sector, which is dealing with similar problems to the general food industry, such as high fertilizer prices, increased supply chain costs and El Niño storms. After an apparent slumber for sugar prices in 2022, when prices barely increased, 2023 has been a year of sudden rise for the commodity costs. “Sugar has over the past years been an under-priced product making up a small proportion of the total value of processed sugar products. In a sample of supermarket products undertaken by the European Association of Sugar Manufacturers (CEFS), in February 2023 prices sugar accounted for just 3% of the sales price of own-brand ice cream and 7% of the sales price of own-brand waffles,” Josh Gartland, deputy director general of CEFS, tells FoodIngredientsFirst.
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