Tate & Lyle has increased the price of corn sugar by up to 20% in a move which could mark the beginning of a fresh round of price hikes for a range of products from soft drinks to bread.
The ingredients manufacturer said it was forced to raise the price of corn sugar to maintain its profit margins following a 40% rise in the cost of corn over the past year.
Corn sugar – also known as high fructose corn syrup – is a cheaper alternative to sugar and is used as an ingredient in many types of food and drink, such as carbonated drinks, salad dressings, condiments, bread and cereal bars.
The rising price of corn sugar is the latest in a string of commodity price rises that have squeezed consumers’ spending power in recent months, after cotton doubled in price in the past year, and wheat increased by 40%, adding 10p onto the cost of a loaf.
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