Domestic Sugar Prices Rise 3% to 6-year High owing to Poor Rains
IANS 06 September 2023
Domestic sugar prices have risen by 3% in the past 15 days to their highest levels in six years, according to industry sources.
 
Due to shortfall in rains in the sugarcane growing regions, the prices have risen even as the festival season is round the corner, when consumption of sweets is set rise multifold.
 
This could add to food inflation and discourage the government from allowing sugar exports, supporting global prices which are near their highest in more than a decade.
 
Sugar prices rose to Rs37,760 per metric tonne on Tuesday, highest since October 2017. 
 
Keeping in view the strong demand for sugar during the upcoming festival season, an additional quota of 200,000 metric tonnes (over and above 23.5 LMT allocated for the month) was allocated for August by the government.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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