CHOCOLATE SHORTAGE ON THE HORIZON AS COCOA PRICES REACH ALL-TIME HIGH

London, UK - March 10, 2024: The price of cocoa has surged to an all-time high, forcing consumers to shell out more for their chocolate fix. According to Factset data, the price of cocoa has reached $10,000 a tonne, a staggering increase of over double since the start of the year.

The surge in cocoa prices is largely attributed to extreme weather conditions in Ghana and the Côte d'Ivoire, which are responsible for two-thirds of global cocoa bean production. Heavy rainfall at the start of the year led to widespread crop damage from black pod disease, while subsequent droughts took a devastating toll on the remaining plants.

For millions of smallholder farmers who depend on cocoa production, the increased costs and reduced yields have proven to be a significant challenge. Expanding supplies has become increasingly difficult due to affordability constraints, with many struggling to make ends meet amidst skyrocketing living costs.

The consequences of this crisis are far-reaching, with chocolate lovers around the world bracing themselves for price hikes that could be substantial. Food experts warn that even premium brands may struggle to maintain their prices in the face of these unprecedented tariffs, leaving consumers eagerly anticipating significant jumps in the price tag of their favorite treats.

In a related twist, real estate market forecasts indicate that house prices are expected to rise by as much as 4% this year, further tightening budgets and exacerbating existing affordability issues.