Valentine’s Day chocolates could hurt hearts because of the rapidly rising cost of cocoa
Valentine’s Day is approaching, and you may be in for a surprise if you’re going to buy chocolates for your loved ones.
Due to crop devastation in West Africa, the price of cocoa, the main component in chocolate, has risen to an all-time high, according to Fox News.
Because of this, chocolate producers are struggling and raising their prices on consumers.
On Sunday, global cocoa prices reached a new high for the ninth day in a row, sparking worries that the harsh weather and disease-plagued cocoa plants in the top-producing West African region could prolong the shortages.
Friday saw a record high of 4,916 pounds per metric ton for the benchmark ICE London cocoa futures, which closed 2.1% higher at 4,757 pounds/ton.
Since the beginning of last year, these prices have increased by over 100%.
Standard ICE cocoa futures in New York closed 1.4% higher at $5,888/ton on Friday, reaching a new high of $6,030 a ton. Since the beginning of the year, the price of cocoa has almost doubled.
A Reuters survey this month estimated that there will be a global shortfall of 375,000 tonnes of cocoa for the 2023–2024 season, which is more than twice as much as what was anticipated in the August survey. This represents the market’s third straight shortfall.
The cost increases are being reflected on store shelves, and after a 6.6% drop in sales in the fourth quarter, the world’s largest chocolate company, Hershey, expects even less demand for its products from financially challenged consumers.
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