Cocoa prices are soaring to over 10,000 dollars per ton and paving the way for a further increase in the price of chocolate. Production difficulties in some West African countries such as Ghana and Ivory Coast have boosted prices, whose run-up has been exacerbated by hedge fund bets.
The jump in cocoa will likely prompt an increase in chocolate from giants such as Hershey and Mondelez, hitting consumer wallets already strained by inflation. Estimates indicate an Easter with barely any growth for chocolate producers and, overall, a difficult 2023.