Extreme Weather and Climate Impacts Decimate Cocoa Crops, Causing Chocolate Prices to Skyrocket

Cocoa prices have more than doubled in 2022 and tripled in the past year due to supply shortages, reaching record highs. This is driving up chocolate prices.

Cocoa production in top growers West Africa has been disrupted by extreme weather and climate change impacts for several years.

The supply shortfall and high prices are expected to last for a while since boosting production takes years.

Chocolate makers are passing higher costs to consumers through smaller product sizes and price hikes, though farmers don't benefit from the high market prices.

Shoppers continue indulging in chocolate for holidays like Easter but may cut back on impulse purchases. More price hikes are likely.