Spike in global sugar price is likely to be felt by brewers and soft drinks producers in the country in the form of increased costs and lower profit margins.
The surge in sugar prices was as a result of heavy rains disrupting harvest in world’s biggest producer countries such as Thailand, India and Brazil.
Soft drinks giants such as Coca-Cola and PepsiCo have pledged they will cut sugar levels in their products ahead of a British government’s plan to levy a sugar tax.
The companies say they will introduce a series of “unprecedented” measures of their own volition, which they claim will help reduce Britain’s sugar consumption by a fifth.
