Easter: prices for chocolate eggs have jumped

According to Bloomberg, high Easter prices for chocolate and chocolate products arose due to rising prices for cocoa beans in 2023. Since then, the “price rise” has only accelerated, and the cost of cocoa has already more than doubled.

Wholesale grain sales in New York have jumped more than 47% in just the past three weeks, topping $8,900 a ton—a level that once seemed unimaginable. This means even higher prices for the consumer, as the domino effect also affects retailers.

The record rise was driven by poor harvests in West African cocoa-producing countries Ivory Coast and Ghana, which account for the bulk of global production. The sector is largely made up of smallholder farmers who have faced low yields, making it difficult to invest in their farms or cope with extreme weather events.

The price hikes are also a reminder that while overall inflation rates are falling around the world, rising prices for individual items can still put pressure on consumers.

In the US, the average price of chocolate eggs has risen 12% over the past year, according to research firm NIQ. The cost of some popular Easter eggs in the UK has increased by 50%.

These changes represent just a small part of the colossal increase in cocoa sales, as key ingredients used to make Easter treats were likely purchased in the fourth quarter of 2023 or earlier.

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