Sweet Easter baskets may come at a higher price this year as the cost of cocoa skyrockets to record levels. Cocoa futures have doubled since the beginning of 2024 due to adverse weather conditions in West Africa, which is a major producer of cocoa, accounting for over 70% of the global supply.
Additionally, sugar prices have also been on the rise, with sugar futures increasing by about 8% in 2024 after a 2.7% rise in 2023. Major chocolate companies like Hershey's and Mondelez, the maker of Cadbury, have been passing these increased costs on to consumers, resulting in higher prices for chocolate products.
