This Easter, consumers will have to fend off another source of high costs. Sweet Easter baskets will likely rise due to near-record-high cocoa prices.
Sweet Easter baskets will likely come at a bitter cost this year for consumers as the price of cocoa climbs to record highs. Cocoa futures have surged this year, roughly doubling since the start of 2024. Rising temperatures and weather conditions have stressed and damaged crops in West Africa, which produces more than 70% of the global cocoa supply. Sugar prices are also rising. Futures for a pound of sugar are up about 8% in 2024, after rising 2.7% in 2023.
Both companies reported shrinking sales volumes for their most recent quarters as consumers grow tired of paying higher prices. The National Retail Federation expects a drop in spending on Easter this year, though the total figure still remains high by historical standards. Its latest survey shows that consumers are expected to spend $3.1 billion on candy this Easter, or $24.78 per person. That’s down from $3.3 billion, or $26.31 per person a year ago.
The company has said it is committed to raising prices in order to cover inflation, though most of it is carryover from previous increases. The cost of candy and other sweets rose 5.8% in February compared with a year ago, according to the government's latest report on consumer prices. Increases have been hovering around that level since late into 2023. Inflation has been cooling overall, but is still hotter than economists had hoped for at this point in 2024.
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