With the Easter season fast approaching, Australians are being warned that the price of chocolate is rising. That's because the key ingredient used to make it - cocoa - has surged to record levels, trading at more than AU$15,400 a tonne due to a poor harvest season in Africa.
This week, the price of cocoa beans has broken records, shooting past AU$15,432 a tonne on the New York Futures Exchange, making it more expensive than materials like copper.Cocoa is mainly produced in West Africa, with the Ivory Coast and Ghana being the two largest producers, accounting for nearly 60 per cent of the world's supply, says the International Cocoa Organisation.
"We've seen some significant increases over the last two years. We understand where they're coming from. We've spent some time in Ghana. Essentially they're small farmers who make a living from a couple of acres and keep farming the cocoa for nine months of the year. It's tough."He says they've been forced to pass some of this increase onto consumers but they've done their best to ensure a wide range of products at various prices.
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Source: 7NewsMelbourne - 🏆 18. / 59 Read more »