Record-high sugar prices in the European Union, nearly three times levels seen a year ago following extreme weather and a surge in energy costs, are forcing confectioners to consider production cuts.
The record price of a widely-used food staple is another headwind for EU policymakers as they try to control inflation and curb a cost of living crisis.
"We are in a sugar market crisis," Muriel Korter, director general of EU confectionery industry association Caobisco, told Reuters. Sugar production is among the most energy-intensive industries and is especially reliant in the EU on gas.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Codelco offers 2023 European copper premiums at record highThe premiums set by Codelco for physical delivery of copper are seen as a benchmark for global contracts.
Read more »
Social Security recipients to get biggest benefit boost in 40 years amid record high inflationMillions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
Read more »
Social Security recipients to get biggest benefit boost in 40 years amid record high inflationMillions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
Read more »
Subway says it's hitting record sales. Here's whySubway says its most extensive menu makeover in the company's nearly 60-year history is paying off.
Read more »
Subway says it's hitting record sales. Here's whySubway says its most extensive menu makeover in the company's nearly 60-year history is paying off.
Read more »