A supply squeeze has sent cocoa prices to record levels just before Easter, and olive oil and coffee are at highs, creating another headache for central banks.
Already a subscriber?“Finer foods” such as chocolate and olive oil are about to get a lot more expensive thanks to a supply squeeze of key ingredients due to adverse weather and geopolitical unrest, fanning concerns about sticky inflation.to all-time highs, making chocolate more expensive just before Easter. Adverse conditions have also lifted olive oil prices to record levels, and sugar prices to the highest since 2011.
More recently, the El Niño climate pattern has seen a shift to hotter and drier weather in the region, posing additional risks for the 2024 outlook.While the impact on production from inclement weather has been a key driver of the surging prices, a global reliance on a small number of geographically concentrated producers has not helped, as regional weather events can disrupt large portions of supply.
While Robusta coffee prices have climbed 55 per cent in February from a year earlier to fresh highs, Mr Bloxham said it was not all bad news for caffeine lovers.
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