Rich cocoa prices hitting shoppers with bitter chocolate costs as Easter approaches
Sweet Easter baskets will likely come at a bitter cost this year for consumers as the price of cocoa climbs to record highs
By DAMIAN J. TROISE
Published - Mar 21, 2024, 08:03 AM ET
Last Updated - Mar 21, 2024, 08:03 AM EDT
NEW YORK (AP) — Sweet Easter baskets will likely come at a bitter cost this year for consumers as the price of cocoa climbs to record highs.
Cocoa futures have surged this year, roughly doubling since the start of 2024. Rising temperatures and weather conditions have stressed and damaged crops in West Africa, which produces more than 70% of the global cocoa supply.
Sugar prices are also rising. Futures for a pound of sugar are up about 8% in 2024, after rising 2.7% in 2023.
Big chocolate companies like Hershey's and Cadbury maker Mondelez have been passing those costs on to consumers — and then some: Hershey's net profit margins ticked higher to 16.7% in 2023 from 15.8% in 2022. Mondelez reported a jump to 13.8% in 2023 from 8.6% in 2022.
