Germany: Pre-Easter cocoa prices hit 20-year high
March 26, 2024
Import prices for cocoa beans have recently risen in Germany, with the sharpest increase in the last 20 years, the Federal Statistical Office reported on Tuesday.
The price increased by 73.4% in January 2024 compared to the previous year, which should also be reflected in the price of chocolate for consumers.
In March, Swiss chocolate company Lindt & Sprüngli warned about rising chocolate prices. The company said earlier this year that rising import prices for cocoa beans “will result in further price increases in 2024 and 2025, as long as cocoa prices remain at their current level.”
What is the reason for the rapid price increase?
One of the reasons for the notable increase is the shortage of cocoa on the world market as a result of failed harvests, especially in West Africa.
Last year, 8% fewer cocoa beans were imported into Germany compared to the previous year. Germany obtained most of its cocoa from Ivory Coast in 2023.
The last comparable price increase occurred in October 2002, when cocoa costs increased by almost 88%.
Compared to February 2023, producer prices for chocolate increased by 8.8% in the same month this year, which the statistics service described as “above average”.
Source: DW
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.