European consumers could soon be spending even more money on sweet treats as current heatwaves drive up sugar prices. Sugar buyers and producers are currently negotiating contracts for the 2023-2024 harvest season, which begins in October, and prices have now risen to more than 1,000 euros per ton, Bloomberg news agency reports based on sources. That's more than double what it was in the middle of last year. As a result, it will drive up the cost of sweet snacks.
Farmers and consumers could suffer, but the arrival of the weather pattern should be bullish for the sugar industry, which is already getting a boost from.
Farmers and consumers could suffer, but the arrival of the weather pattern should be bullish for the sugar industry, which is already getting a boost from.