Cooling off with a sweet treat might cost you a little more this summer.
According to a report from The Guardian, a bean shortage in Madagascar is causing the price of vanilla to skyrocket. Last year, the cost of vanilla soared 150% after an unusually poor harvesting season hit farmers in the area. Although vanilla beans are grown in many regions, Madagascar is the most popular exporter of the flavoring on the globe.
So what does this mean for you? This unexpected shortage means all vanilla products are rising in price, including the vanilla extract that ice cream manufacturers use for their products. The increase in cost for vanilla will likely roll over into higher price tags for things like soda, desserts and natural beauty products in your local grocery store within the next few months.
Thankfully, there's already a light at the end of the tunnel for cash-strapped vanilla lovers. A new crop of beans will be ready for harvest around November, which will likely lower the prices back down to average levels by the end of the season. Until then, you may want to prepare yourself to shell out a little more cash for your favorite ice cream this summer.