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Bad weather bitter news for chocolate prices

Anthony Sharwood, Saturday March 30, 2024 - 11:00 AEDT

Fill your car boot with chocolate Easter eggs then drive back and get some more because chocolate prices are on the way up and appear likely to skyrocket in coming months.

Here at Weatherzone, we try to put a positive spin on even the worst weather, but there is no sugar-coating the fact that a combination of bad weather, disease, and tree failure in Africa has created a deficit of cocoa, the key ingredient of chocolate.

Originally from South America, the 6-to-12 metre tall cacao trees that produce cocoa beans are grown in tropical regions around the world, including parts of Australia. But 80% of the world's crop is grown in West Africa and that, unfortunately, is the area affected.

El Niño has been part of the problem in that region, with drier conditions resulting in lower cocoa yields than normal.

Unusually strong harmattan winds haven't helped either. The harmattan is a seasonal wind that blows from the dry Sahara down towards tropical West Africa. In an average year, it creates dust haze but no other major problems. But when the winds blow strongly as they have this year, tree dieback can occur.

As mentioned, there have also been issues with diseased trees in some areas, while some cocoa-producing areas have seen rains that were too heavy.

Image: The Easter bunny is not amused at rising chocolate prices. Source: iStock.

It all adds up to cocoa prices which are reaching record levels. This week, cocoa futures topped $10,000 per ton on trading for the first time. This continues a steady increase in recent years after prices hovered between $2000 and $4000 in the two decades between 2000 and 2020.

Indeed, the Australian Financial Review reports that we're already paying 9% more than last year on this 2024 Easter egg crop and could be paying double by next year.

Happy Easter, and make sure the kids don't leave any eggs in the garden during the Easter Egg Hunt: those little chocolate treats are becoming more valuable than ever before.

- Weatherzone

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