Cocoa futures have hit a 44-year high as warmer climate patterns cause a global shortage of the essential chocolate ingredient.
Cocoa futures hit a 44-year high, surging to $3,786 per metric ton on Monday, as hotter, drier weather patterns stunt the growth of the cacao bean crop.
Cacao is a precarious crop and tends to thrive in consistent temperatures, high humidity, abundant rain, nitrogen-rich soil and protection from wind, said Branch. Many of those weather conditions have been absent this season, disrupting the cacao harvest. The price of candy in September was 7.5 percent higher than a year ago, according to the most recent Consumer Price Index. A 2023 survey by theCandy maker Mars told CNBC in a statement,"Like many industries, we continue to face high inflation and spikes in material costs; however, we work to absorb these extra costs wherever possible to provide affordable treats and the best value. We have not implemented any price increases since June and those were in line with category.
"We pay good prices and the people we work with pay good prices so even during shortages, they have access to the best beans," D'Alesandre said.
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