Cocoa and chocolate will soon be a luxury

By: Trademagazin Date: 2023. 02. 22. 12:15

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Chocolate and cocoa prices are rising, as one of the world’s largest cocoa exporting countries, Nigeria, has a problem with the cash supply, which has caused exports to drop by about three quarters. Overall, this is not a big drop in the global market, but the drier weather that damages the plantations also increases the panic.

Despite the record inflation, the price of cocoa rose more moderately compared to most other foodstuffs: in the European Union in December 2022, the price of cocoa and cocoa powder was on average 12.6 percent higher than a year earlier, according to Eurostat data. The consumer price of chocolate was 9.6 percent higher than a year earlier, reports Napi.hu.

In Hungary, similar to most food products, the consumer price of cocoa increased by 28.2 percent, while that of chocolate increased by 27.1 percent. The domestic price increase was the largest in the EU, but it still lags behind, for example, the 80 percent increase in the price of dairy products.