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Summer in Spain would not be complete without an ice cream or two; a sweet treat enjoyed by families, holidaymakers and locals alike. In fact, Spain ranks as the third-largest ice cream-consuming country in the world, according to the Ministry of Agriculture, Fisheries and Food.

 

But the cost of this much-loved dessert could be about to rise again, with experts warning that the soaring price of coconut oil is set to have a knock-on effect. Coconut oil is one of several ingredients used in many popular ice cream products, and like cocoa, it has seen a sharp increase in price over recent months.

 

Javier Blas, a columnist at Bloomberg (a global business and financial news organisation based in the United States) and author of The World for Sale, explained in a recent video on social media that the price of coconut oil has reached an all-time high every single month so far this year. He puts this down to a combination of supply and demand issues, poor weather affecting coconut crops, and a rising demand for coconut oil as a source of fuel.

 

“The need for cheap fuel in Asia means more expensive ice cream in the United States and Europe,” he said. Blas added that countries such as the Philippines, the world’s top coconut oil producer, are diverting large quantities of coconuts for fuel use. He estimated that more than 4.5 million coconuts in the Philippines will be used for diesel production next year. This is almost a third of the country’s total annual harvest.

 

In May alone, the global price of coconut oil hit 2,700 US dollars per tonne, which is double what it cost this time last year.

 

This follows a similar trend seen in the cocoa market, with prices rising due to ongoing drought conditions in key producing countries such as Ghana and the Ivory Coast. According to Spain’s Consumer Price Index, cocoa has gone up by more than 32% in the past three years.

 

With these two essential ingredients under pressure, producers may have little choice but to increase the price of ice cream, meaning your favourite summer scoop could soon come with a higher price tag.

 

 

Image: Lukas/Pexels