The Courier & Advertiser (Angus and Dundee)
Easter will be costly due to cocoa prices
Easter is set to be just the beginning of chocolate lovers’ woes after cocoa prices soared to a new record following poor harvests caused by unusual weather.
The cocoa bean traded above $10,000 (£7,900) a tonne on world commodity markets yesterday, with prices having already doubled in 2024.
Last week, the price of cocoa beans hit more than $8,200 (approximately £6,500) per tonne – up from $2,600 this time last year.
Some popular Easter eggs from brands including Maltesers, Lindt and Cadbury cost at least 50% more than a year ago while others have shrunk in size, according to a study by consumer group Which?.
The overall price of chocolate has increased by 12.6% in a year – significantly more than the 5.6% rise seen on supermarket food and drink generally, according to the Which? supermarket food and drink inflation tracker.
The Energy and Climate Intelligence Unit (ECIU), an environmental nonprofit organisation, has set out how the combination of climate change and El Nino conditions have helped drive up cocoa prices ahead of Easter.
The world’s largest cocoa exporters – Ivory Coast and Ghana – have been hit by extreme weather in recent months.
Ivory Coast and Ghana saw heavy rains in December 2023, with total precipitation more than double the 30-year average for the time of year, which affected yields due to issues like cocoa plants rotting with black pod disease.
The wet conditions were followed by droughts typical of El Nino conditions in February, which further decimated yields due to cocoa being a drought-sensitive crop, the ECIU said.
Analysts have said price hikes seen for chocolate products this Easter are likely to be part of a longer trend.
Marco Forgione, director general at The Institute of Export and International Trade, said the price of cocoa has increased by 245% year on year.
He said: “As many people across the UK, and the rest of the world, look forward to tucking into their Easter chocolate this year, few of us are likely to stop and think about the intricate supply chain required to get the ingredients to us.”