Food could get pricier again if El Nino hits sugar and palm oil

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MANILA (dpa): While consumer price inflation (CPI) has tapered off compared with the spikes seen in 2022, shoppers are faced with more expensive food than before the Covid pandemic.

By March 2023, European Union shoppers were paying 61% more for sugar on average than they were a year earlier, a surge that has put further upward pressure on prices of sugary goods such as confectionery. Worldwide, the year-on-year increase was 40% to June, according price data analysed by business intelligence company The Smart Cube.