Chocolate Lovers Beware: Rising Cocoa Prices Expected to Spike Cost of Your Favorite Treat

Cocoa Price Increasing Faster Than Bitcoin, Stabilization Not Expected Soon

Belgian chocolate producers are feeling the brunt of the rise in cocoa prices, as they are the world’s second largest exporter of chocolate. With record prices being set every week, the cost of chocolate is expected to rise for consumers. Large companies in the industry have already indicated that they will be increasing prices to offset the rising costs of cocoa.

One ton of cocoa beans was recently sold on the New York futures market for $10,047, a significant increase from previous months. The price has surged by 186 percent, surpassing even the growth rate of Bitcoin. Poor harvests, exacerbated by weather phenomena like El Niño, have led to a scarcity of cocoa in the market. Despite this, investing in cocoa could turn out to be very profitable as prices have reached unprecedented levels in recent months.

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