The surging costs of sugar have left Ishaq Abdulrahim with limited alternatives. To evade a decline in sales, a Nigerian baker made the decision to cut his production if the cost of bread goes up.Thank you for reading this post, don't forget to subscribe!
For numerous other struggling bakers facing challenges with high fuel and flour expenses, the exorbitant sugar prices turned out to be the final straw, leading to permanent closure.
Sugar is essential for producing bread, a staple food for Nigeria’s 210 million inhabitants, and acts as an economical source of calories for many struggling to afford food. With sugar prices soaring by 55% in just two months, there are fewer bakers and a decrease in bread production.
“This is a very critical situation,” commented Abdulrahim.
Global sugar prices are currently at their peak since 2011, mainly due to diminished global supply following abnormal dry weather and crop losses in India and Thailand, which are the world’s second and third largest sugar exporters.
It is the latest blow to developing nations already grappling with shortages of vital foods like rice and trade restrictions, leading to food inflation. These factors contribute to food insecurity due to the combined impact of the natural climate event El Niño, the Ukraine conflict, and feeble currencies. While wealthier Western countries can bear the elevated expenses, poorer nations are facing hardships.