World sugar shortage sends prices soaringTuesday 11 August 2009 17.19
A world sugar shortage has seen the price of sugar hit a 28-year high.
Growing demand in Brazil for sugar to be turned into ethanol and a sharp fall in production in India are cited as the main factors for the spike in prices.
Wet weather in Brazil, which is the world's biggest sugar producer, has affected production there.
Meanwhile, sugar cane production in India is down by 45% year-on-year.
Less rain during the Indian monsoon has damaged agricultural crops, and it is thought November's crop will be inadequate.
India is the world's biggest consumer of sugar, and the second biggest producer.
Sugar have gone up by 3%, to 21.55 cents a pound.
Sugar production in Ireland effectively ended in 2006.