A shortage of Sriracha hot sauce has caused bottles to sell for more than $70 online in the United States, a higher price than shares in companies such as Bank of America, Coca-Cola and Pfizer, Markets Insider reported.
The situation in recent months comes as Huy Fong Foods, the company that makes the sauce and other popular condiments in the US, has been facing supply problems with chili peppers due to a severe drought.
“Unfortunately, this is out of our control and without this important ingredient we cannot produce any of our products (Chili Garlic, Sambal Olek and Sriracha Hot Chili Sauce),” the company said last year in a letter explaining the situation to consumers. .
Yahoo Finance reports that a bottle of Sriracha sauce ends up selling for $70 or more on eBay, although in some cases sellers are asking frankly absurd prices approaching $1,000.
This means that a bottle of hot sauce has become more expensive than the shares of some of the largest companies in the United States.
For example, Coca-Cola is trading at $60.58, Pfzier at $36.72, while Citibank and Bank of America are trading at $46.74 and $29.2, respectively.
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.