Chocolate lovers, you better start pinching your pennies because chocolate prices are all set to go up thanks to an increase in the global price of cocoa. While this news isn’t as bad as say, that announcement that chocolate could soon become extinct, it’s still pretty bad news for those of us with a sweet tooth.
While global cocoa prices have increased by 28% already, they are all set to rise even higher after a crisis in West Africa, which is the top producing cocoa region.
Prices have shot up to $2,516 per tonne from $1,961 per tonne last April, according to the International Cocoa Organization. The rise in prices has been mirrored in the price of Indian cocoa, which has increased by 6% over the past few months to Rs 170 per kg.
“It will definitely have an impact as products like cocoa butter and powder have also become costly,” said DS Rao, senior GM of Lotus Chocolate Company. Welp, I guess we better start stocking up on chocolate now before the price changes are implemented. And they say millennials have it easy – sigh.