Spring frost in Turkey, where the hazelnuts are grown, is set to drive up the cost of Nutella spread, a Canadian breakfast favorite. Many say they can’t live without it. Turkey is home to about 70 per cent of the world’s hazelnut crop where the annual yield of 800,000 tons may be reduced to merely 540,000 tons. Freeworld Trading, a commodity trading company in the United Kingdom, reports that hazelnut prices have been soaring since the March frost. We should add however that the marketplace may yet discover alternative ways to supply the nut and chocolate spread industry. But for now, the gloom is on the hazelnut. CTV
