Policymakers cope with soaring sugar prices

The Dow Jones Wire Service reported earlier today that PH policy makers were convening to remove import duties on sugar, in order to tame soaring domestic prices. Apparently the result of rising global demand for cane and beet sugars, prices have been trending upwards. However, the recent volatility has been somewhat unusual.

Remarkably, the WHO publishes data on world sugar consumption by country. In 2005, PH consumed approximately 24 kg per capita. This is approximately equivalent to South Korea's consumption rate, 26 kg per capita, which is unusual given that ROK's per capita GDP is larger by a factor of 10.