KIEV, Nov. 9 – Wholesale sugar prices in Ukraine grew by 12% over the past month, Derzhzovnishinform state enterprise announced.

The company said that the upward trends are linked to groundless speculation on a possible sugar shortage this season and real growth in the cash cost of sugar due to the hryvnia devaluation.

Due to the reduction of fields sown with sugar beets and difficult weather conditions this year, the sugar beet harvest this year could be considerably lower than last year's harvest, and sugar production will be smaller. However, large ending stocks from the previous season, smaller sugar consumption, and the higher sugar content in beets should prevent growth in prices.