But spare a thought for the small family farms of West Africa, who aren’t getting their fair share of soaring commodity prices.
Chocolate lovers already feeling the sting of high prices should brace for worse: costs will continue to rise as global cocoa supplies are at their lowest level in two decades.
Consumer Price Index data showed year-on-year inflation is 4.6 per cent in snacks and confectionery. This follows a similar price increase that hit in the June quarter of 2023 and Rabobank said the cumulative price rise was 22 per cent from June 2022 and June 2024.But Rabobank commodity analyst Paul Joules said a chronic global shortage of cocoa supplies, the key ingredient in chocolate, means the “the worst is still yet to come for consumers”.
Rabobank said cocoa prices rocketed upwards earlier this year, when cocoa that had been selling for around $3000 a tonne for the past few years shot up to $12,000 a tonne. They have been buffeted by poor weather, crippling crop diseases, and now they are grappling with the need to prove they can comply with a new law in one of their biggest markets, the European Union, that will ban products that cannot prove they are“We’re seeing that the trees are generally ageing due to poor husbandry we’re seeing a lot of disease, which has effectively wiped out a lot of the crop,” Joules said.
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