Why sweet treats are increasingly expensive

When Russia invaded Ukraine in 2022, the arrival of war in one of the world’s breadbaskets sent the price of foodstuffs soaring—with one exception, sugar. But last year was worse for folk with a sweet tooth. As grain prices fell, sugar prices jumped (see chart).

Although they have fallen more recently, they remain high. So do prices of a varied class of non-essential agricultural materials we dub “gourmet commodities”. The price of cocoa, up by 82% in 12 months, is at a 46-year high. The wholesale price of olive oil, at €9,000 ($9,800) a tonne, has reached an all-time record (the previous peak was $6,200 in 2006). In New York “OJ” contracts, for future deliveries of frozen concentrated orange juice, are being traded at $3.07 a pound, some 50% higher than in January last year. The coffee market is sleepier, but prices for Arabica beans—the finer kind—are still up by 44% since 2021.