ICE-cream lovers may have to suck up higher prices in the heat of summer.
Nestle, the world’s biggest food company, is reviewing production costs for cool treats and lollies as the global wheat price skyrockets.
Wheat is a key component used to make ice-cream and confectionery.
The juggernaut behind the Eskimo Pie, Choc Wedge and Drumstick, as well as Allen’s lollies, expects the cost of the crucial ingredients to jump as much as 20 per cent on the international market early next year.
“We are starting to see the pressure build in the market now,” Nestle spokeswoman Fran Hernon warned.
“So although we will do everything we can to minimise the impact to consumers, it could well be that we will be forced to put up our prices at some point. But ultimately, it is the retailers who set the final price to consumers.”
Wheat shortages spurred by a drought and export ban in Russia already have bread, breakfast cereal, biscuit and noodle producers on alert.
Egg prices are tipped to rise up to 50c a dozen over the next few months as farmers face higher costs for chicken feed.
Coffee addicts were forced to swallow price hikes of up to 25c at many cafes in the past year due to rising costs.