The media reported an increase in pistachio prices to an eight-year high

Global pistachio prices have peaked over the past eight years. This was reported on April 13 by the Bloomberg news agency.

The key reason was the conflict in the Middle East, which paralyzed exports from Iran, a country that provides a third of the world's supply of this nut. According to analysts, in March, the exchange value of products rose to $4.57 per pound, which is a record since May 2018. The main factor of instability was disruptions in the supply of fuel and fertilizers, as well as difficulties with the export of crops.

"The war in Iran, which disrupted global supply chains of critical fuels and fertilizers, has led to prices for popular pistachios grown in the country reaching an eight—year high," the publication says.

A sharp increase in demand is putting additional pressure on the market. Interest in the product was fueled by the popularity on social media of the so-called "Dubai chocolate" with pistachio filling, as well as the expansion of the range by the world's largest brands such as Starbucks and Häagen-Dazs. Despite the fact that the United States remains the largest producer of nuts (about 40% of the market), the Iranian shortage critically affects the global balance. Analysts at Expana Markets note that due to the fighting, shipping lines are massively canceling orders for transportation to the Middle East. This has already disrupted logistics through Turkey and the UAE, as well as shipments to India.

Experts warn that the continued uncertainty may lead to further price increases. As a result, food industry manufacturers may begin to change the recipe of desserts and drinks, replacing expensive pistachios with more affordable analogues.

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The Times newspaper reported on March 10 that the UK recorded the fastest growth rate in gasoline prices in four years due to the conflict in the Middle East. It was noted that the prices of unleaded gasoline at gas stations increased by an average of 6.12%.

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