Rich cocoa prices hitting shoppers with bitter chocolate costs as Easter approaches

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — Sweet Easter baskets will likely come at a bitter cost this year for consumers as the price of cocoa climbs to record highs. Cocoa futures have roughly doubled in 2024 after surging 61% overall in 2023. Rising temperatures and weather conditions have stressed and damaged crops in West Africa, which produces more than 70% of the global cocoa supply. Big chocolate companies like Hershey’s and Mondelez have been passing those costs on to consumers. That has helped bolster profit margins. Both companies reported shrinking sales volumes for their most recent quarters as consumers grow tired of paying higher prices.