As of: March 28, 2024, 2:57 p.m
By: Olivia Kowalak
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For many people, part of Easter is: chocolate bunnies. But in 2024 these will become an expensive pleasure. © Diana Rissmann/DALL-E (AI generated)
The chocolate bunny will be in the basket again this year for Easter. But when you look at the price development, the Easter tradition turns into a gourmet investment.
The traditional chocolate bunny will be an expensive treat this Easter. In mid-March, citizens had to pay a whole new percent more for brands like
Lindt
or
Kinder
compared to the same time last year. This was the result of an evaluation by the price comparison platform
Smhaggle
on behalf of the
FAZ
. Smhaggle evaluates up to 20,000 receipts every day. The inflation rate is steadily decreasing and was 2.5 percent in February 2024 compared to the previous year.
Companies' greed for profit: Consumer advice centers do not see prices justified
Criticism of consumer goods manufacturers and supermarket chains is becoming increasingly louder because there is no justification for the increases. For the consumer advice center, the price increases cannot be explained by increased costs for energy and raw materials. They are now talking about a real “greed inflation”. Companies are accused of profiting from consumers. Here companies would benefit from the so-called “deadweight effect”. Not only are additional costs passed on, but prices are also increased.
The skyrocketing cocoa price on the world market is also responsible for the increase in chocolate prices. According to data from the Federal Statistical Office, the import price for cocoa beans and cocoa bean nibs grew by 73.4 percent in January compared to the same period last year. Cocoa mass and cocoa butter became almost half as expensive. “The high price increases for cocoa imports are also likely to have an impact on producer prices for chocolate produced in this country,” the authority concludes. On the stock market, the price rose from $2,600 last year to $10,000.
“A kilo of cocoa is almost three euros more expensive than it was a year ago. Everyone can calculate for themselves what this means for the production costs of a 100 gram chocolate bar, which contains between 35 and 70 percent cocoa, but we are currently assessing the situation as a whole,” said a spokesman for the chocolate manufacturer Ritter Sport, commenting on the current price explosions.
The background is crop failures in West Africa due to unfavorable weather conditions. The majority of imports to Germany come from Ivory Coast or Ghana, where long periods of rain have encouraged the spread of the fungal disease CSSVD. This virus, spread by aphids, causes the death of cocoa trees. In addition, illegal gold prospectors are increasingly displacing cocoa farmers. When gold is mined, mercury releases contaminate water and accelerate deforestation. This makes the land unusable for cultivation.
However, this is not the reason for the current end consumer price. The cocoa currently being processed was already purchased at low prices last year. Furthermore, manufacturers would protect themselves from fluctuating prices thanks to concluded hedging transactions.
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Which chocolate bunnies are particularly nibbling at consumers' wallets?
According to data analysis by Smhaggle, the Milka Easter Bunny rose by 20.20 percent to 1.19 euros compared to the previous year. The Lindt bunny currently costs 3.79 euros, an increase of 8.6 percent. In this context, Kinder Harry Rabbit from Ferrero also increased his price. This now costs 2.49 euros (+8.73 percent). In contrast, the Hello Vegan Easter Bunny from Lindt remained stable at 3.99 percent. “As a hollow figure, our Lindt Gold Bunny has a more complex and time-consuming manufacturing process than a chocolate bar,” said Lindt when asked by the FAZ about the price increases.
When it comes to chocolate bars, the increase looks even more unappetizing: Lindt charges 2.69 euros for its whole milk chocolate (100 grams) - a whopping 35.18 percent more compared to the previous year.
Mondelez
increased by 15.5 percent and ended up with a price of 1.49 euros.
Ferrero
prices grew by a modest 7.75 percent - so in 2024 you would pay an average of 1.39 euros for 100 grams
of children's chocolate
and
yogurtette
. Own brands show lower prices compared to branded products, but the increases there are significantly higher: “A price increase of 40 percent is completely exaggerated,” said Borys Storck, managing director of the management consultancy Marktlink, about the price shock on the superpower shelf.
According to the manufacturers, prices are expected to rise further this year. According to Martin Hug, Lindt & Sprüngli's chief financial officer, one can expect increases in the mid-single-digit percentage range. “Given the current state of cocoa prices, we will use every tool in our toolbox, including pricing, to manage the business,” said Michele Buck, CEO of US company
Hershey
.