All articles tagged with #chocolate prices
Despite cocoa prices plunging nearly 50% this year after a historic rally, chocolate remains expensive due to manufacturers' existing high-cost cocoa stocks and recipe adjustments, with price reductions unlikely until the second half of next year.
Chocolate's dominance in Halloween candy is waning due to rising costs from tariffs, inflation, and high cocoa prices, leading to increased prices and a shift towards cheaper, non-chocolate sweets among consumers, despite overall strong holiday sales.
Halloween candy prices are rising for the second year in a row due to increased cocoa costs and shrinkflation, leading consumers to buy smaller or less chocolatey treats and switch to more affordable options like gummies and Tootsie Rolls, while overall spending on Halloween remains high.
Hershey is increasing the prices of its chocolate products by a 'lower double-digit' percentage due to soaring cocoa costs, which have risen significantly in 2024 driven by climate change impacts on cocoa-producing regions. The company also plans to implement 'shrinkflation' by reducing package sizes to manage costs without directly raising prices. Other chocolate makers like Lindt are also raising prices amid high cocoa prices.
Hershey is raising the prices of its chocolate products by a 'lower double-digit' percentage due to soaring cocoa costs, which have increased significantly in 2024 because of poor harvests in cocoa-producing regions affected by climate change. The company also plans to implement 'shrinkflation' by reducing package sizes to manage costs without directly raising prices. Other chocolate companies like Lindt are also experiencing similar price hikes.
Hershey plans to implement a double-digit price increase across its confectionery products due to rising cocoa costs, which have been affected by supply issues in West Africa, although cocoa prices have recently fallen from record highs.
UK inflation remains high at 3.4%, with food prices rising for the third consecutive month, driven by increased costs including higher wages and bad harvests affecting chocolate prices, which surged by 17.7% in the year to May, marking the fastest increase since 2016. Despite some easing in travel costs, overall inflation impacts consumers and businesses, with concerns about rising living costs and economic growth.
Ghana and Ivory Coast, the world's top cocoa producers, are facing catastrophic harvests due to a combination of factors including illegal mining, climate change, mismanagement, and disease. This has led to expectations of cocoa bean shortages, causing New York cocoa futures to more than double in price. The crisis could mark the end of West Africa's cocoa supremacy and lead to higher chocolate prices for consumers in the near future.
Cocoa and sugar prices have surged, leading to the highest Valentine's Day chocolate prices in years due to a cocoa shortage caused by deteriorating weather conditions and disease challenges in major producing countries. Chocolate prices have risen 11% in the past year, and the cost of other Valentine's Day staples like lobster and beef has also increased. Despite the price hikes, there is still strong enthusiasm for chocolate and candies during Valentine's Day, with 92% of Americans surveyed planning to share them.