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there was a big controversy in Germany that Nutella changed its recipe round about the time you are saying. I noticed myself that Nutella tasted worse (and thus quit eating it). You could see on the ingredients list that the order changed, and since the ordering is always from highest amount to lowest amount it was clear that the recipe changed (I think sugar was on spot 1 aftewards but not before? Not sure). You could probably find articles about it...

Caramel ? Nutela is 56% sugar and 30% fat.

To be fair that’s a reasonable ingredient set for making caramel.

The biggest change was about 10 years ago, when the percentage of hazelnut in Nutella dropped from 17% to 13%. I think after that they tweaked the oil to sugar ratios a bit, but noting so serious that I noticed since then.

I'm surprised they haven't cut back on the chocolate contents in their spread considering the extreme price jump chocolate went through after the last cocoa harvest went terrible.