Cocoa prices are going nuts: The bean is now more valuable than several precious metals and has surged faster than even bitcoin.
After cocoa passed the all-time record it hit in 1977 of $5,400 per metric ton, right before Valentine’s Day – melting not just hearts but also wallets – one of the cocoa prices this week topped a whopping $10,000 per metric ton. Just in time for chocolate Easter bunnies.
To sum it up, cocoa prices have more than doubled in the first three months of the year and more than tripled in the past 12 months.
t all boils down to a dramatic drop in supply. The world is facing the biggest deficit of cocoa in decades. Most cocoa beans are grown in West Africa, where extreme weather and changing climate patterns have upended crop harvests, which are forecast to fall short for the third year in a row.
That means another year of higher prices for makers, sellers and, ultimately, eaters of chocolate. Chocolate bunnies and eggs are expected to be pricier this Easter and perhaps for some time to come. Shoppers are still expected to splurge on the holiday, but can anticipate to get less for what they pay for.
Read more at NPR.org
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