The price of hazelnuts has increased by more than 60% this year
to a 10-year high after bad weather devastated crops in Turkey, the world's
About 70% of the world's hazelnuts are grown on steep slopes
near Turkey's Black Sea coast, but this year's harvest is likely to
be sharply down after hail storms and frost in late March destroyed
hazel flowers at a critical moment in the growing season.
The price of the nuts has reached $10,500 (£6,300) per tonne,
compared with $6,500 (£3,900) per tonne in February, according to
Michael Stevens, a trader at Edinburgh-based Freeworld Trading.
The full extent of the damage is not yet clear, but the Turkish
industry is braced for a harvest that could be down to 540,000
tonnes, against pre-frost expectations of up to 800,000 tonnes.
It comes as food companies also face rocketing prices for
almonds which are at a nine-year high, because of drought in
California, the world's biggest grower.