A worldwide shortage of cocoa is leading to an increase in chocolate prices just ahead of Easter, with rises expected to reach up to 20%. This surge is attributed to adverse weather conditions and crop diseases in West Africa, the primary source of cocoa production. Typically, cocoa prices have stabilised around US$2000 ($3187) per tonne, but predictions indicate a leap to US$12,000 (over $19,000) per tonne in 2024.
Currently, the price stands at approximately US$10,000 a tonne, creating a ripple effect on retail pricing. Professor Garry Mortimer from Queensland University of Technology notes that consumers can expect chocolate prices in stores to rise by 10 to 20%. For example, a packet of Cadbury Dairy Milk Eggs is priced at nearly $7 or two for $10, while a 200 gram Lindt Gold Bunny costs about $18.
As prices increase, consumers may alter their shopping habits, potentially favouring lower-cost, generic brands over more premium options. Mortimer suggests that this shift could lead shoppers to venture away from major supermarket chains in search of more cost-effective alternatives.