Chocolate prices in the United Kingdom rose by nearly 18 percent in May compared to a year earlier. It is the largest increase since 2016 and is affecting food prices in the country.
In May, inflation in the UK fell slightly to 3.4 percent, mainly due to a sharp fall in airfare and gasoline prices. At the same time, food prices in the country rose by 4.4 percent. That is the strongest increase in more than a year. This was due to the high prices of sugar, jam and especially chocolate.
The main reason that the price of chocolate is rising so sharply is that the cocoa harvest was poor in countries such as Ghana and Ivory Coast, which together produce more than half of the world’s cocoa. This is mainly due to the poor weather conditions in the region, which also cause diseases in the plants.
The high chocolate price is one of the reasons that food prices in the UK continue to rise. And because people spend a lot of money on food, this also leads to higher inflation in the country.
Many countries are suffering from the high cocoa price. Especially in Europe, significantly fewer cocoa beans are ground because manufacturers are dealing with record prices for cocoa beans. We also feel the consequences in the Netherlands: chocolate manufacturers such as Tony’s Chocolonely and Lindt have already had to increase their prices significantly.