- Global cocoa price up 110% vs last Easter and almost three times higher (174%) than in 2022
- Price surge driven by El Niño weather, damaging crop yields in major producing countries
- Price of sugar – the other key chocolate ingredient – is also up 16% vs Easter 2022
6 March, London – Households are facing significantly higher chocolate costs this Easter with global cocoa prices almost three times higher than they were at Easter 2022, according to analysis from trading and investing platform eToro.
Cocoa prices have been on a steep upward trajectory for almost two years as major producing countries have been hit by damaging El Niño-driven weather conditions. Prices recently hit a record high of $6,352 per tonne.
This represents a price increase of more than 110% since Easter 2023 and 174% from Easter 2022. The surge in cocoa’s price is unsurprisingly impacting chocolate makers and food retailers, who are passing on the higher costs to consumers, as seen by the reported 50% price rise for chocolate treats observed over Christmas.1
The other key ingredient of chocolate, sugar, has also seen its price rise in recent years, roughly level with Easter 2023 but approximately 16% higher than Easter 2022.
El Niño is a climate phenomenon which leads to drier weather in some of the key cocoa growing regions, notably west Africa, and its impact on crop yields has been significant.
Ben Laidler, Global Markets Strategist at eToro comments: “Cocoa prices have gone through the roof in the last two years and earlier this year we saw a jump of more than 10% in one week alone. Sadly for chocolate lovers and families loading up on eggs ahead of Easter, this will translate into significantly higher prices in shops and supermarkets. Retailers are also continuing to wrestle with rising packaging, transport and labour costs, which they will be passing onto consumers.
“High chocolate prices are here to stay, as producers and retailers will need to replace their lower cost inventories at higher prices, whilst the next cocoa harvest is not until October, and new production can take up to 5 years to bring to harvest.”
* ENDS *
Notes to editors
About the data
Price data was taken from Trading Economics on February 29 2024
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