Sugar is no more sweeter for the consumers. The sugar prices have hit a 30 year high last week, due to major shortfall in sugar production this year in India, which is the second largest producer in the world. Also Brazil, which is the largest sugar producer in the world, is also expected to see a marginal shortfall in sugar production this year.
Already India has started importing huge quantity of sugar from the global markets, and that has been the key reason for the prices hitting 30 year high. And the sugar production in India is expected to improve only by the end of 2009, so we can expect the sugar prices to remain high, or even scale new high , till then.
Sugar prices are 30 year high