Norway, where butter costs nearly $500 a pack
Norway is one of the richest countries on earth. It is, if you consider the measure of public policy group The Legatum Institute, the most prosperous nation of all.
At a time when baking is at a premium, an acute butter shortage is causing a bit of a goofy panic for the dairy product in the Scandinavian nation.
But it’s not just housewives facing line-ups at the supermarket. We’re talking entire families not being able to afford a pack of butter.
According to the Times Live, a rainy summer in Norway is to blame for the shortage, cutting into feed production and therefore dairy output, but so too is the growing popularity of a low-carb, fat-rich diet, which has sent demand soaring.
The butter crisis has gotten so bad in Norway that online sellers have been hawking 500 gram packs for as much as $474.
“Compared to 2010, demand has grown by as much as 30 per cent,” a spokesperson for Tine, Norway’s main dairy company, said.
Certainly, such butter scarcity isn’t your typical commodity shortage in line with, say, the Arab oil embargo of 1973. But similar dearths have happened before.
Yet for now, amid news that the shortage of butter could last in Norway until the New Year, opportunists are looking to capitalize and make a quick buck.
As near $500 packs of butter fly off shelves, customs officials stopped a Russian at the Norway/Sweden border last Friday with about 200 pounds of butter stashed in his car.
By Jason Buckland, MSN Money