Cocoa prices are soaring. Will it affect your Valentine’s Day chocolate?
CNN
Cocoa prices are surging so high that even the biggest chocolate makers are struggling to stay profitable. That doesn’t portend well for your wallet this Valentine’s Day.
Cocoa prices are surging so high that even the biggest chocolate makers are struggling to stay profitable. That doesn’t portend well for your wallet this Valentine’s Day. Last Thursday, Hershey Co. said it would cut 5% of its workforce after historic cocoa prices and inflation-weary consumers dampened fourth quarter earnings. Climate issues in West Africa – home to more than 60% of global cocoa production – are damaging crop yields, constraining cocoa supply and causing prices to soar. Cocoa futures have skyrocketed, doubling in the past year and surging 40% since January; sugar, labor and other factors have also gotten pricier. That means higher prices down the line for consumers, who will shell out more to fill up on their chocolate treats. “Cocoa is expected to limit earnings growth this year,” Hershey’s CEO Michele Buck said on a call with analysts Thursday. Hershey’s product prices rose 6.5% in the fourth quarter; prices for their confectionery chocolate and other candy products in North America rose 9% in 2023. Other companies are feeling the pinch as well. Li-Lac Chocolates, which calls itself the oldest chocolate shop in Manhattan, told CNN that their raw chocolate prices are up 13% this February compared to a year ago.
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