PHILADELPHIA (CBS) – Nutella-lovers the world over could be in for some bad news concerning their favorite chocolate-hazelnut spread.
According to the Financial Times, a frost in Turkey – the world’s largest producer of hazelnuts – back in April coupled with rising cocoa prices could result in a Nutella shortage.
The price per kilogram in Turkish liras of hazelnuts nearly doubled, skyrocketing to TL23 recently from around TL12 ($5.56) earlier this year.
Meanwhile, output forecasts have been slashed from 800,000 tonnes to 520,000 tonnes.
Though some analysts tell the Financial Times that prices might “ease” later this year, the full extent of the frost damage won’t be known until the end of October.
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