Chocolate Prices Set to shoot up

The latest cost of living shock comes with a warning to chocoholics that the price of the sweet stuff will increase.
The cost of cocoa, the primary component of chocolate, is currently at an all-time high.
The price of the product is increasing due to a combination of factors including high demand, a supply gap, and poor weather predictions in the West African region that produces a lot of cocoa.

Common Chocolate Types and Varieties

The supermarkets will experience the spillover effect. Futures for cocoa have increased by around 21% so far this year. Due to crop disease and a lot of rain this season, cocoa yields are below average.
And because of El Nio, a phenomenon that occurs periodically in the tropical Pacific Ocean and typically delivers warmer global temperatures – unfavourable circumstances for cocoa cultivation — forecasts anticipate another shortage next season.
Paul Joules, a commodity analyst with Rabobank who specialises in the cocoa and dairy markets, remarked that demand has continued to be high, particularly in Europe and Asia.

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Milka chocolate bar (100g) with chunks broken off

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