“IT’S A true catastrophe, monsieur,” says a baker in central Paris as she places warm, flaky croissants in a paper bag. The price of local butter has soared in the past year, she says: “We are used to costs going up, but this is really extreme.” Her pastry counter is well stocked, but margins per croissant are squeezed.
Elsewhere it is shortages that bite. In a nearby Carrefour supermarket, fridges that are usually crammed with packets of butter are mostly empty. Social-media users around France share photos of bare shelves using the tag #BeurreGate. A prankster on an online-auction site offered to sell a slice of buttered toast. Press reports talk of hoarding. Because butter is essential for much local cuisine—the French eat more of it than anyone—scarcity spreads dismay.
Various factors explain the current churn. Global appetite for dairy products is rising. “China has discovered croissants,” notes Emmanuelle Auriole of the Toulouse School of Economics....Continue reading
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