Chocolate prices likely to soar as African cocoa processing plants can’t afford to buy beans
LONDON/ACCRA — Major cocoa factories in Africa’s Ivory Coast and Ghana are halting or reducing processing because they can’t afford to buy the beans, four trade officials said. This means chocolate prices around the world could rise. Chocolate makers have already raised prices for consumers in both countries, which produce nearly 60% of the world’s […]
Cocoa prices reach record high ahead of Valentine’s Day
Cocoa prices soared last month, reaching record highs last weekend just before Valentine’s Day. cocoa futures closed Friday’s price was $5,888.00 per tonne, surpassing Thursday’s record. Prices have more than doubled in the past year and increased by about a third in the last month. Chocolate producers who rely on cocoa as the main ingredient […]
Valentine’s Day chocolate prices set to break hearts after cocoa prices hit record high
See what’s being clicked on FoxBusiness.com Consumers planning to buy chocolates for their loved ones this Valentine’s Day may be hit by sticker shock, and not just because of inflation. Cocoa prices, which have been on the rise due to crop damage in West Africa, soared to record highs last week, with continued shortages weighing […]
Hershey announces job cuts after high cocoa costs hurt candy sales
Hershey announced layoffs Thursday, reporting a hit to its quarterly profit as soaring cocoa prices and inflation-weary shoppers refrained from buying the company’s expensive chocolate and candy. The Pennsylvania-based company announced it will cut 5% of its workforce, resulting in up to $60 million in severance pay. It was not immediately clear how many jobs […]