Experts say the global shortage of the main ingredient of chocolate is linked to poor conditions for farmers supplying large companies
Every Easter, UK consumers collectively spend more than £1bn on food, drink, gifts, entertainment and about 80m chocolate eggs, racking up an average bill exceeding £50 each. But shoppers this year are paying more than usual: since last Easter, chocolate prices have increased by more than 12.6%, more than double the rise in supermarket food and drink prices.
The cost of cocoa, chocolate’s main ingredient, has been increasing all year, hitting a record high just before Valentine’s Day and again this week, when it was priced at more than $10,000 a tonne – meaning it is currently more valuable than several precious metals, and growing in value more quickly than bitcoin.
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