Increase in the price of chocolate near Easter

As Easter approaches, chocolate prices have increased due to disruptions in the food supply chain. In the past few years, we have seen significant disruptions such as the increase in the price of lettuce due to the floods in California, the increase in the price of orange juice due to bad harvests and the high price of wheat due to the war between Russia and Ukraine, and now we are faced with the high price of chocolate.

Reports indicate that the price of cocoa has increased by almost 65% compared to last year. Bad weather and disease in West Africa have damaged crops and affected the supply of produce used for Halloween, Valentine's Day and Easter.

Most cocoa, especially the cocoa used in many popular chocolates, comes from West Africa. Ivory Coast, which produces about 40 percent of the world's cocoa, has seen a 30 percent drop in production over the past year due to climate change and disease.

Unlike some crops, the vast majority of cocoa is grown in a handful of regions, experts say. This makes the product and its supply chain more vulnerable to disruption.

According to inflation data from Statistics Canada, the price of bakery items rose more than 9 per cent between January 2023 and 2024, while overall inflation for food purchased in stores was 3.4 per cent.

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