LONDON, 06 March. - (ANA) - Rising cocoa prices are stirring anxiety among global chocolatiers some of whom are reducing the quantity of cocoa in their products. 

 

Average monthly cocoa prices in London and New York have risen from less than $3,000 to over $5,000 per tonne over the past year, according to the International Cocoa Organisation (ICCO), an industry body based in Côte d’Ivoire. 

 

El Niño — a weather phenomenon that causes unusually warmer temperatures and dry conditions — has impacted crops in Ghana and Côte d’Ivoire, where over half of the world’s cocoa beans come from. Cocoa production is projected to fall nearly 11% for the current crop season, the ICCO said in its February forecast. 

 

Prices are expected to continue rising as a result of the supply problems, which could mean higher retail costs, or smaller bars for consumers.   - (ANA) -

 

AB/ANA/06 March 2024 — - -