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Cocoa prices are so high that parents might wish to use their Easter chocolate as a tax write-off this year.
Cocoa prices were already on a steady incline in 2023, but the product has nearly doubled in price so far this year, according to Bloomberg. Bean prices are rising to an "unthinkable" level as wholesales in New York have jumped more than 47% — or $8,900 a ton — in recent weeks, according to the outlet.
Cocoa's 186% gain over the last 12 months even surpassed Bitcoin's record-breaking 150% climb over the same period.
Experts expect the price increase to carry over into stores as Easter rolls around. Last year, US retailers charged 11.6% more for chocolate than they did in 2022, BI previously reported.
During earnings calls in January and February, executives from both Hershey and Cadbury noted that price hikes for consumers are possible in light of cocoa supply shortages. Heavy rains in West Africa, where most of the world's cocoa is grown, have hampered production for the last six months.
"Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," Hershey President and CEO Michelle Buck said during a February 8 earnings call.
