A global hazelnut shortage could cause prices of Ferrero's Nutella to jump, Weather.com reported.
Following poor weather in Turkey, prices of hazelnuts have spiked more than 60 percent—unwelcome news for chocolate hazelnut spread Nutella, which uses about a fourth of the global hazelnut supply.
Just last month, the Ferrero Group announced it had ramped up investment in the hazelnut sector through its purchase of Oltan Group, a leading hazelnut supplier.
At the time the company noted it would "represent a significant opportunity for a sustainable and leading growth of the Turkish hazelnut sector in the future."
To read the full Weather.com report, click here.