A small Italian village renowned for its white truffles will give US President Barack Obama a record specimen weighing in at more than a kilo as a reelection present.

Stella McCartney has announced the launch of her latest fragrance, which unusually features truffle as a top note.

Entitled L.I.L.Y, the perfume will launch exclusively in the UK at department store Selfridges January 26 before reaching other retailers February 15.

L.I.L.Y stands for ‘Linda I Love You’, which was the nickname given by Stella McCartney’s father, Sir Paul McCartney, to his late wife Linda.

Italian stock markets are sharply down this year, but the price of white truffle has doubled to 3,000 euros ($4,100) per kilogram in just a week.

Truffle hunters say the increase is due to low average rainfall in areas where truffle is found, as well as higher demand — particularly from buyers in Asia where truffle tastes have taken off, Italian news agency ANSA reported.

The price is now at around 3,000 euros for large truffles and some 2,500 euros per kilogramme for smaller tubers — far higher than last year.

Truffles, a luxury delicacy in French and Italian cuisine, may soon be adding flavour to blander dishes, as it migrates further north amid climate change.

Ulf Buentgen, a climatologist, told AFP that a rise in average temperature observed during 20th century may be shifting the natural habitat of the delicacy about 100 kilometres north, from France and Italy to Germany.

What was created as a novelty item last year has now been added to a popular New York restaurant menu permanently.

The ‘Serendipity Foot Long Haute Dog’ was admitted into the Guinness World Records last year for being the most expensive hot dog in the world, at $69.

Months after its creation, Serendipity 3, has now put the luxurious ‘haute’ dog on their menu for the deep-pocketed, hot dog aficionado.

The foot-long hot dog (30 cm) is made from pure beef, grilled in white truffle oil, sandwiched in a pretzel bun from Germany, and toasted with white truffle butter.

Ian Purkayastha’s teenage revolution didn’t involve rock groups, rebelling against his parents or embarrassing fashion experiments.

For him it was: “black truffle ravioli with foie gras sauce”.

And three years later, aged 18, Purkayastha not only remembers the “amazing” taste of that dish, but he’s turned himself into one of America’s leading truffle tycoons.