2023-07-29 13:54:23
Chocolate is likely to become even more expensive. The price of cocoa on the market has reached its highest level for more than ten years. This is mainly due to the fact that production in West Africa, a region which accounts for two-thirds of the world’s cocoa harvest, has suffered setbacks.
Heavy rains and rotting disease, among others, have destroyed many crops in major cocoa-growing countries like Ghana and Ivory Coast. But according to Fuad Mohammed Abubakar, director of the Ghana Cocoa Marketing Company UK, the processing of beans around the world has also declined.
“We are clearly in a very tense situation,” Paul Joules, cocoa analyst at Rabobank in London, told financial news agency Bloomberg. He does not rule out that the prices continue to rise or that the chocolate bars become a little smaller.
Manufacturers such as Lindt & Sprüngli and Hershey already warned last week that further price increases for their bars cannot be ruled out.
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