We have all seen Easter eggs in the shops as early as January.
But some might be be left with a bad taste in the mouth after seeing the soaring prices of the chocolate treats in supermarkets.
Market prices for the seasonal treats’ key ingredient currently sit at around £8,600 a tonne and have more than doubled (up 143 per cent) compared with this time last year.
This has led to an increase in chocolate prices for UK consumers of almost 12 per cent, according to Confectionery News.
But the trade journal said manufacturers and retailers were rubbing their hands together because choc-loving Brits would continue to fork out for their Easter eggs – even if prices were to double.
It said: ‘Prepare for cocoa prices to hit new inflation-adjusted peaks. Despite this surge, consumer demand remains inelastic, meaning price hikes are unlikely to deter purchases significantly.
‘Industry predictions suggest that even if cocoa prices were to double, consumer consumption rates may remain steady.’
The publication added: ‘As one of the biggest seasons for sales, this paints a positive picture for manufacturers preparing to roll out their new product line-ups.’
Chocolate prices for UK consumers has increased by almost 12 per cent (stock image)
Market prices for the seasonal treats’ key ingredient, cacao beans, currently sit at around £8,600 a tonne and have more than doubled (up 143 per cent) compared with this time last year
There has been a four-fold increase in the wholesale price of cocoa over the last two years (stock image)
Manufacturers and retailers are said to be rubbing their hands together because choc-loving Brits will continue to fork out for their Easter eggs – even if prices were to double
Thijs Geijer, a senior economist at Dutch bank ING, specialising in food and agriculture, claimed chocolate prices had rocketed due to various factors.
Cocoa trees only grow in a narrow band of about 20 degrees around the Equator and are very vulnerable to changes in climate.
Most of the world’s production is in West Africa and extreme weather combined with underdeveloped farms have severely disrupted cocoa bean production.
Mr Geijer said: ‘It’s a combination of unfavourable weather over the past seasons and demand remaining quite firm.
‘This has led to falling stocks of cocoa leaving markets quite sensitive to any negative news.’
There has been a four-fold increase in the wholesale price of cocoa over the last two years which has caused a significant challenge for chocolate makers.
Ivory Coast and Ghana imported 58 million kilogrammes of cocoa beans worth £127million to the UK in 2023 but both countries experienced significant declines in production last year due to record-breaking temperatures above 40 degrees.
Mondelez International, which owns Cadbury, pointed to the significant rise in cocoa and dairy as the reason for price increases.
A spokesman said: ‘We understand the economic pressures that consumers continue to face and raising prices is a last resort for our business.
‘However, as a food producer, we are continuing to experience significantly higher input costs across our supply chain, with ingredients such as cocoa and dairy, which are widely used in our products, costing far more than they have done previously.’
