Hazelnut shortage in Turkey may raise Nutella prices

Nutella prices are expected to rise due to a global hazelnut shortage, primarily stemming from a severe frost in Turkey. Turkey, responsible for 65% of global hazelnut production, saw wholesale prices increase by 30% since April. This impacts major buyers like Ferrero SpA, which uses the nuts for Nutella and Ferrero Rocher, as alternative supplies are insufficient. This shortage highlights the vulnerability of food supplies to climate change, with similar issues affecting coffee, cocoa, and olive oil. The situation also poses political challenges for Turkey, where hazelnut farming supports many families.