Posted 3/23/2024, 7:47:00 PM
Cocoa Prices Skyrocket, Threatening Easter Chocolate Price Hikes
- Cocoa prices have nearly doubled in 2024, outpacing bitcoin's gains over the last 12 months
- Rising cocoa costs may lead to price hikes on Easter chocolate from brands like Hershey and Cadbury
- Cocoa is now over $8,900 a ton in New York, up 47% in recent weeks
- Heavy rains in West Africa, the world's top cocoa producer, have disrupted supply
- Last year US retailers charged 11.6% more for chocolate than in 2022 amid tight supplies