Easter candy.
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  • Cocoa prices will almost double by 2024, surpassing Bitcoin in the past twelve months.
  • Rising cocoa costs could drive up Easter chocolate prices.
  • Hershey and Cadbury have both said increases in consumer prices are possible.

Cocoa prices are so high that parents may want to use their Easter chocolate as a tax deduction this year.

Cocoa prices had already been steadily rising in 2023, but according to Bloomberg, the product has almost doubled in price so far this year. Bean prices are rising to “unthinkable” levels as New York wholesale prices have risen more than 47% – or $8,900 per ton – in recent weeks, the outlet said.

In fact, Cocoa’s 186% gain over the past twelve months surpassed Bitcoin’s record-breaking 150% gain over the same period.

Experts expect the price increase to continue in stores as Easter approaches. Last year, American retailers charged 11.6% more for chocolate than in 2022, BI previously reported.

During earnings calls in January and February, executives from both Hershey and Cadbury noted that price increases for consumers are possible in light of the cocoa shortage. Heavy rains in West Africa, where most of the world’s cocoa is grown, have hampered production over the past six months.

“Given cocoa prices, we will use every tool in our toolbox, including pricing, as a way to manage the business,” Hershey President and CEO Michelle Buck said during a Feb. 8 earnings call.

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