Chocolate is about to get more expensive

Cocoa prices rn are higher than a recreational smoker hanging out with Snoop Dogg. Last week, cocoa prices rose again to break the all-time record from 1977, the year before Reese’s Pieces were introduced to the masses (😋).

And this record-breaking push has been a long time coming. The price of cocoa, a key ingredient in chocolate, has been marching upward for over two years, and more than doubled over the past year.

What’s behind the increase?... About 70% of the world's cocoa beans come from four West African countries: Ivory Coast, Ghana, Nigeria, and Cameroon. These countries all lie within a tropical zone around the Equator, providing ideal climate conditions for growing cocoa trees.

And therein lies the rub – the weather. Massive rains, followed by a dry spell coupled with winds have created harsh growing conditions for the beans. Pests and disease haven’t helped either.

• This weather-induced growing problem hasn’t just been isolated to the past two years – cocoa harvests are now coming up short for the third year in a row, with the future still in flux, per NPR.
• At one point, regulators in the Ivory Coast even stopped selling contracts for cocoa exports altogether because of uncertainty over new crops.

👀 Looking ahead… Last-minute Valentine’s Day chocolate buyers can rest easy – no sudden price increases are expected this week. But, with a new cocoa crop not coming for months, experts say Easter and Halloween candy could get pricey.