Vanilla extract shortage leads to skyrocketing prices

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While your price at the pump rises over the summer, the cost of an ice cream cone might be going up as well.

The price of vanilla extract has skyrocketed recently, causing some ice cream shops to take a big hit when buying in large quantities.

Elio DeFranco, of Summer Ville Ice Cream, says the price he as paid for vanilla extract has gone up around 25 percent.

"It's our No. 1 flavor," says DeFranco. "Not the vanilla alone, but just the fact that I use it in multiple ice creams."

The reason for the increased price is due to a cyclone that hit Madagascar - the world's leading vanilla grower - that wiped out the crop. It will take years to replace it.

DeFranco says he has no plans to raise prices this summer, but may be forced to bump prices up a few cents in 2019.

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