EU member states today (24 February) ordered the release of 500,000 tonnes of sugar from EU stores onto European markets to ease high sugar prices, which have been harming manufacturers.
The International Monetary Fund (IMF) has estimated that global prices rose 81.4% between last July and this January. The decision to release the sugar was taken by the EU’s agriculture management committee.
Go deeper with GlobalData
Meanwhile, the European Commission has plans to allow duty-free imports into the EU of 300,000 tonnes of raw or refined sugar in early March. EU agriculture Commissioner Dacian Ciolo? said: “These measures will help to ease the situation by making more sugar available on the EU market.”
