Due to a strong El Nino in places like India, Thailand, and China there has been a drought that has led to shortages in sugar production.
El Nino is a large scale weather cycle that is linked to the warming of the ocean temperatures and can lead to many times of weather. In some locations that means more rain, some areas see less rain and these primary sugar producers have seen a lot less rain which is creating many problems for crops.
Sugar prices are up 9.6% since the beginning of the year, according to a report by The Independent. So, for the foreseeable future, get ready to spend more on sugar.
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