Sugarflation spikes to a 11-year high in Korea
International News
May 5, 2023
The price of sugar futures on the international market has been trading at around $700 per ton. This is a jump of more than 30% in four months, and the highest level since December 2011. Hence, a new term has been born: sugarflation. Sugar is the base ingredient of desserts, savories, and most Korean cuisines and the price hike is weighing on small bakery owners like Song Chihun.