FOOD: Sticky Slump

In the violently inflationary year of 1974, sugar seemed to many consumers an even bigger villain than oil. A combination of rising demand and crop losses due to bad weather caused the price per pound of raw sugar delivered in New York to multiply almost six times between January and November, to a high of 64^0. Angry consumers organized boycotts, but growers believed that they would not succeed. They thought sugar was one of those little luxuries that people would pay almost anything to buy.

How wrong they were. Less than three years later, raw sugar prices have plummeted to...

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