Even though the indulgence of festivities like Easter and Eid al-Fitr is weeks away, shoppers are best advised to start buying their chocolate as soon as possible, lest the increasingly expensive treats see further price hikes.
Poor harvests in recent years in Ghana and the Ivory Coast have reduced the supply of cocoa, which will, in turn, make it more expensive for chocolate producers and consumers once the costs are passed on.
Mondelez International, the parent company of British confectionery brand Cadbury, recently warned of reduced profits for 2025 in the wake of โunprecedented cocoa cost inflationโ.
Switzerlandโs Lindt issued a similarly downbeat assessment in which it pointed to โrecord-high cocoa costs, substantial price increases, and weakened consumer sentimentโ.
Similar to the run-up to Easter, demand for chocolate often soars in February ahead of Valentineโs Day, with financial services company Wells Fargo saying early last month that chocolate in the US was 20 per cent more expensive than it was ahead of February 14 last year.