The price of putting together an Easter basket has increased this year. Easter treats are up in price, thanks to the cost of cocoa.
Cocoa prices have tripled over the past twelve months. The prices have doubled since the beginning of 2024. There is a bean disease in West Africa, where 70% of cocoa comes from, that is affecting the market. Also, sugar prices are up 7%.
Chocolate makers set their prices for this Easter last year. They say they have to hike prices again to cover their costs. Sugar futures for a pound of sugar are up after rising 2.7% in 2023. Big Chocolate is finding shrinking sales due to increasing prices.
Companies like Hershey’s and Mondelez (Cadbury’s parent company) have been passing on these costs to consumers. Hershey’s net profit margins have gone up to 16.7% in 2023, up from 15.8% in 2022. Mondelez’s profit margin jumped from 8.6% in 2022 5o 13.8% in…
