Soaring Sugar Prices Hit African Nations the Hardest
- High import reliance, US dollar shortage raise vulnerability
- Households and businesses are forgoing use of ingredient
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Skyrocketing sugar prices are hitting some of Africa’s poorest nations particularly hard, forcing families and restaurants to forgo use of the ingredient that is core to local diets.
Disappointing harvests from some of the world’s biggest producers have pushed wholesale prices near the highest in more than 12 years in September. While that’s adding to unrelenting inflation pressures across the globe, African nations are particularly vulnerable amid a heavy reliance on sugar imports and a shortage of US dollars.