This Easter season, the hunt for chocolate bunnies and eggs might be bittersweet. Consumers are likely to face sticker shock of chocolate prices at the checkout, reminiscient of the price hikes seen on Valentine's Day.
Retail chocolate prices skyrocketed by 11.6% throughout 2023, significantly outpacing overall inflation.
The culprit? A surge in cocoa prices AKA the key ingredient in chocolate.
West Africa, responsible for 70% of global cocoa production, has seen poor weather and crop diseases ravage harvests.
This tightened supply has sent cocoa futures prices soaring, doubling since January and reaching a record-breaking $10,000 per metric ton – a steeper climb than recent surges in Bitcoin and gold.