Chocolate Cravings Are Going to Get More Expensive to Satisfy
- Wholesale cocoa costs soared to highest level in over a decade
- Manufacturers warn more price hikes can’t be ruled out
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Bad news has emerged this week for chocolate lovers: it’s going to get more expensive to satisfy your cravings.
The cost of wholesale cocoa beans soared to the highest level in more than a decade, and manufacturers are betting prices of the key chocolate ingredient will stay elevated through 2024. That’s mainly because production in West Africa, a region that accounts for two-thirds of the world’s bean harvest, is faltering.