Lira crisis: is Nutella now also running out?
Created: 12/22/2021, 11:57 AM
By: Patricia Huber
Nutella could be running out soon.
The lira crisis in Turkey is to blame.
© Tobias Hase / dpa
The currency crisis in Turkey has hit the country hard.
But the crisis is drawing wider and wider circles.
Now the foothills of the decline in the lira could also reach German consumers.
Ankara - The lira crisis in Turkey could now also affect Germany's breakfast tables.
Because of the drastic devaluation of the lira, the production of hazelnuts in the country is becoming more and more expensive.
This particularly affects the confectionery manufacturer Ferrero, which produces, among other things, the popular Nutella * spread.
Turkey: Consequences of the Lira Crisis
The lira has lost around half of its external value in the current year alone.
Because of the crash, products from abroad such as fertilizers, seeds or pesticides will be drastically more expensive for Turkish farmers.
As a result, farmers are supplying fewer hazelnuts, which could lead to shortages, according to a report in the
Wall Street Journal
.
"If you're a Nutella fan, you'd better stock up the next time you shop," Turgan Zülfikar told the business newspaper.
He advises Turkish companies on entering the US market and warns: "The world is on the verge of a hazelnut shortage."
Turkey: Largest hazelnut producer in the world
After all, Turkey is the most important producer of hazelnuts in the world.
The World Food Organization estimates that around 70 percent of hazelnuts come from Turkey.
Italy follows by a clear margin in second place. Nutella writes on its website that the nuts come from Turkey, Italy, Chile and the USA.
As reported by
t-online,
Ferrero sources around a third * of its hazelnuts from Turkey.
The reason for the currency crisis in Turkey is the controversial monetary policy of the central bank, which is significantly influenced by President Recep Tayyip Erdogan.
The bank has kept lowering the key interest rate, although according to the unanimous opinion of economists, interest rate hikes would actually be necessary to combat high inflation rates.
(ph) * Merkur.de is an offer from IPPEN.MEDIA.
