Due to poor vanilla harvests, the price of vanilla jumped from $25/kilo to nearly $40/kilo. Not only does this news smack us in our ice cream loving mouths, vanilla is used in perfumes, medicine, as well as all kinds of food production.
Vanilla was already an expensive spice, second only to saffron, due to the difficulty in growing and harvesting. Most of the world”s vanilla is produced in Mexico, India and Madagascar. Mexico”s production alone has fallen 90% in the last year.
So stock up on those klondike bars, it”s going to be a hot summer.
Source | Management Today