'Harsh weather drives sugar prices up'

Global sugar prices rose by 12 per cent during July this year compared to June on account of delayed monsoon in India, poor precipitation in Australia and untimely rains in Brazil, United Nation’s body FAO has said. The Food and Agriculture Organisation’s (FAO) Sugar Price Index averaged 324 points in July, up 34 points or 12 per cent from June, ending the steady fall initiated in March. Monsoon rains in India have been 19 per cent lower between June 1 and August 1, and four states—Karnataka, Rajasthan, Gujarat and Maharashtra—are facing drought-like situation.