A global surge in cocoa bean prices is putting pressure on Canberra chocolate makers in time for Easter.
The cost of cocoa has risen by more than 200 per cent, according to Rabobank data.
Owners of Jasper and Myrtle, Li Peng Monroe and Peter Channells, are thanking their lucky stars they bought stock before prices soared.
"Our last shipment came through about six months ago, we were lucky we bought before prices tripled," she said.
"I have first-hand information from someone who uses Callebaut, a global cooking chocolate brand, and they've had their prices double in a week.
"Even when we were buying, the market was raring to go."
An international shortfall
The Canberran chocolate company sources its cocoa beans from Papua New Guinea. While local production in the country has remained steady, the fall in supply elsewhere has still inflated prices.
RaboResearch said that cocoa shortfalls in Ghana and the Ivory Coast, which account for 60 per cent of the world's supply, are to blame for the price increase.
Out-of-season rains in December, crop diseases and a recent heatwave have contributed to the decline in production, according to the global agribusiness banking specialist.
Yasmin Coe from Murrumbateman Chocolate Co said they've already seen big price rises in the last few months.
"We've already had a 30 per cent increase on some product lines in the last six months, and that's on top of regular price increases."
"I am very concerned about the future. Currently global cocoa suppliers are predicting a substantial price increase this year."
"If that happens, we can only imagine we'll have these costs passed on to us."
Her business buys chocolate from France and Ecuador. It also emphasises investment in sustainably sourced cocoa.
She said she'll keep assessing operations and work to navigate the changes.
"We'll continue to seek to innovate to make sure we can be as efficient as possible, to provide our customers with a value product," she said.
Inflation puts the pressure on
Rabobank's data analysis shows Australian retail chocolate prices overall are up by almost 9 per cent on last year.
Chocolate is not immune to the effects of economic inflation. Retail prices have increased over the last two years, in line with the general rise in food inflation.
Ms Monroe said they had to raise prices last year to cover their costs.
"We agonised, and agonised, and agonised over a 50 cent increase. But we did it, we had to do it," she said.
"Much as I don't like to raise prices, it's a reality."
