Cashew prices jump nearly 10 pct after Tanzania price hike

President John Magufuli, Tanzania ordered a 94 percent increase in cashew nut prices. [Photo: Courtesy]

NAIROBI- The global price of cashew nuts has jumped nearly 10 percent over the past week, after Tanzania’s government started buying the entire country’s stock at a higher price, a trader said.

Growers of cashews, the most valuable export crop for the East African nation, had been holding back from selling after prices fell below what they said it cost them to produce.