The front of a processed food package can be quite misleading. An infopic with Nutella ingredients emerged on the Internet a few years ago:

I really like the above visual representation of Nutella ingredients. I wish all products in the supermarket were labeled this way! Compare the above photo with the Official webpage: Nutella (Product Information), which is in compliance with FDA requirements that 'Ingredients' should be listed by descending order of weight (see FDA guidelines for Ingredients).

An article with in-depth analysis of Nutella ingredients is Nutella: the full (correct) list of ingredients by Catherine Saxelby (check out her biography). An image from this article:

Another article with in-depth analysis of Nutella ingredients: Behind the Label: Nutella.