Turkey's cold snap will likely raise Nutella prices

Nutella prices are expected to increase due to a hazelnut supply shortage caused by a damaging cold snap in Turkey. Turkey, which produces about 65% of the world's hazelnuts, experienced crop damage in April. Wholesale hazelnut prices have already risen by 30% due to the weather event. The price increase could affect Nutella, as its maker, Ferrero, purchases a significant portion of Turkey's hazelnut output. Climate change may be contributing to the increased frequency of such events.