The price of Easter chocolate this year is going to be much higher than previous, after a poor harvest on the other side of the planet.
Bad weather and disease in West Africa have damaged crop yields, hurting supply for the product that goes into Easter, Halloween, and Valentine’s Day candy.
Unlike some crops, cocoa production is highly concentrated, meaning huge portions of the world’s supply are grown in a handful of areas. This makes the crop and its supply chain more vulnerable to disruptions.
According to Statistics Canada inflation data, the price of confectionary items rose more than nine per cent between January 2023 and 2024, compared with overall inflation for food purchased from stores of 3.4 per cent.
A February report by agriculture-focused co-operative bank CoBank said cocoa prices were nearly 65 per cent higher than a year ago, and New York futures prices were at a 46-year high.
