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The soaring costs of sugar and cocoa have seen chocolate prices go up by 10% on average according to experts
Halloween shoppers are set to get a fright at the tills when paying for trick-or-treaters’ chocolates this year.
The soaring cost of cocoa and sugar – key ingredients for the sweet treat – mean the average price of chocolate has jumped by more than 10% in the past three months.
London cocoa prices were up by almost 45% compared to the start of the year – at £5,302 per metric tonne last month, the data from trade journal Confectionery News found.
It said: “The confectionery space can expect alarming price rallies ahead of Halloween, prompted by the ongoing cocoa crisis and sugar supply slumps.
“Consumers can expect to pay more at the tills for their sweet treats and are being advised to budget for higher confectionery expenditures.”
Commodity specialist Nidhi Jain, of industry procurement experts The Smart Cube, said cocoa supply issues in West Africa were “highly likely to keep prices elevated in the run-up to Halloween”.
Ms Jain added: “Similarly, sugar prices are expected to rise over the rest of 2024 due to supply disruptions in major producing nations like Brazil and India, combined with seasonal demand growth. Given the volatile costs of these two commodities, there will be unavoidable affects on the consumer, with manufacturers considering price increases to confectionery products.
“Higher prices for sweets and chocolates seem inevitable as commodity costs rise. As cocoa supplies dwindle, chocolate makers are expected to raise prices, passing rising costs on to customers ahead of Halloween.”
Chocolate prices have already been rising this year due to the problems with supply and demand.
Last month, consumer group Which? found that a Cadbury multipack of treat-sized chocolate bars increased from £2.50 to £3.72; at Morrisons, a 360g Cadbury Milk Tray chocolate box rose from £4.01 to £5.74 and at Asda, a multipack of caramel and white Twix fingers increased from £1.65 to £2.35 – all price rises of more than 40% in just a year.
Meanwhile in July, The Grocer found Cadbury Dairy Milk prices had rocketed by as much as 12% in the past month. At the time, Cadbury said it had made price increases as a last resort due to experiencing significantly higher input costs and also pointing to the fact that cocoa and sugar cost far more than they have done previously.
Celebrations have also shrunk its tubs by 50g, from 600g to 550g, to mitigate the higher costs ahead of Christmas. Mars Wrigley, who make the chocolates, said the business had “been actively trying to find ways to absorb the rising costs of raw materials and operations”. They added: “Unfortunately, the growing pressures mean more needs to be done.”
Shoppers are being prepared and have searched for the best deals ahead of Christmas. Lindt has trimmed the price of its giant Lindor Milk Chocolate Maxi Ball by 20 per cent. Brimming with 40 indulgent truffles, this huge chocolate resembles the iconic Lindt Lindor Truffle ball, but on a much grander scale, filled with chocolatey delights.
Snap it up on Amazon for £12, down from the usual £14.99, or directly from the Lindt website at the same bargain rate. It’s even more of a steal compared to Tesco’s ordinary 500g pack costing £12.50 with a Clubcard.
Shoppers are also raving about a box of 48 Mars Bars reduced by 27% also on Amazon. Plus bulk buying can save you money this Cadbury Heroes Chocolate Lage Bulk Sharing Box, Assorted Mini-Size Milk Chocolate Bars, 2 kg is currently reduced by 9%.
