Consumers shopping for candy for Easter may be paying for their sweet treats at the grocery store, with the cost of chocolate soaring. This is related to the price of cocoa limbs rising this year, doubling since the start of 2024. Factors related to the higher cost of chocolate are linked to higher temperatures and weather conditions affecting damaged crops in West Africa, where over 70% of the global cocoa supply is manufactured. Additionally, sugar prices have increased as futures for a pound of sugar jumped 8% this year after rising 2.7% in 2023, the Associated Press reported. Despite the skyrocketing costs of these goods, major chocolate companies like Hershey’s and Cadbury maker Mondelez have benefitted by passing those costs on to shoppers. Hersey’s net profits leaped to 16.7% in 2023 from 15.8% in 2022, while Mondelez reported a spike in its profits to 13.8% in 2023 compared to 8.6% in 2022
Consumers shopping for candy for Easter may be paying for their sweet treats at the grocery store , with the cost of chocolate soaring. This is related to the price of cocoa limbs rising this year, doubling since the start of 2024. Factors related to the higher cost of chocolate are linked to higher temperatures and weather conditions affecting damaged crops in West Africa , where over 70% of the global cocoa supply is manufactured.
Additionally, sugar prices have increased as futures for a pound of sugar jumped 8% this year after rising 2.7% in 2023, the Associated Press reported. Despite the skyrocketing costs of these goods, major chocolate companies like Hershey’s and Cadbury maker Mondelez have benefitted by passing those costs on to shoppers. Hersey’s net profits leaped to 16.7% in 2023 from 15.8% in 2022, while Mondelez reported a spike in its profits to 13.8% in 2023 compared to 8.6% in 202
Candy Easter Grocery Store Chocolate Cocoa Price Rising Cocoa Limbs West Africa Crops Sugar Prices Futures Hershey's Cadbury Mondelez Profits
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