Global sugar prices have dropped back for the fifth consecutive month as a result of an expected global production surplus, the UN’s Food and Agriculture Organisation (FAO) has said.

Sugar prices on the FAO food prices index dropped by 4% in December, versus the previous month, averaging 327 points, the FAO said last week. The FAO index is down by 18% from the peak it reached in July last year.

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An expected “world production surplus” over the next season, on the back of good harvests in India, the EU, Thailand and Russia, contributed to the easing in prices, the UN agency said.

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