Sugar shortage to push up the price of sugary drinks and snacks ‘in the second half of 2016’
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Weather conditions in global sugar producing countries have been so unfavourable that an impeding sugar shortage could see the price of sugary drinks and snacks rocket in the second half of 2016. Tom McNeill, director of Green Pool, said that larger manufacturers may have locked in lower prices for sugar, while smaller manufacturer and retailers may also have contracts for a fixed price up to 12 months ahead. McNeill also said lower prices for transport and packaging – a side-effect of lower oil prices – may offset higher raw sugar prices. When asked how he felt about the potential legal challenge at a meeting of the Treasury Select Committee, Osborne replied: “Bring it on.” But sugar companies including chocolate makers and those outside the scope of the sugar tax may face a bigger challenge as a sustained sugar deficit forces them to reconsider the price of products on shelves.
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