Cocoa prices set another new high leaving bitter taste for chocoholics
The cost of Easter eggs could increase again as bad harvests continue to dent global cocoa supplies, sending prices to a new all-time high.
Cocoa prices have hit another all-time high, beating yesterday’s previous of $9,000 (£7,108).
Cocoa futures traded on the New York exchange are sky-rocketing in the last 28 days as unseasonable weather conditions and crop disease in West Africa continue to ravage harvests.
Shipments were down from Ivory Coast by almost a third between October and March compared to the same period the year prior.
The shortage has sent cocoa prices to $10,000 (£7,899) a ton today, setting a new all-time high just one week before Easter egg season.
“It seems likely prices will rise again across a range of goods,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
The cost of living crisis has also weighed on sales at confectionery giants such as Nestle, with full year sales coming in lower than expected.
“The surge in the cost of raw materials will prompt a fresh rethink of strategy among manufacturers as bars have already been hit by shrinkflation and shoppers won’t be impressed by another Willy Wonka style disappearing act,” she said.
