Cocoa prices at record high after drought hits harvests

The price of cocoa hit a new record fuelled by climate change and adverse weather conditions – impacting a market that has already seen high Easter chocolate prices in Europe.

In the latest price hike, the cocoa bean traded above $10,000 per tonne on world commodity markets, $2,000 more than last week.

The world’s largest cocoa exporters – Ivory Coast and Ghana – suffered poor harvests after droughts in February following heavy rains in December.

Popular brands of Easter eggs will now cost 50% more than last year, forcing companies to promote non-chocolate Easter treats like biscuit bunnies.

Source: BBC News