'Cuckoo for cocoa': Chocolate prices on the rise ahead of Easter
An increase in chocolate prices could mean Easter eggs will be more egg-spensive this year.
According to experts, the spike in the seasonal sweet treats is due in part to high demand and the skyrocketing price of cocoa.
“Since November, cocoa prices went from US$3,000 a metric tonne to US$10,000 a metric tonne and the previous record was set back in July of 1977,” said Sylvain Charlebois, the director of the Agri-Food Analytics Lab at Dalhousie University. “People are going cuckoo for cocoa!”
He said the inflated cost is fueled by a “black pod” fungus infecting cacao trees, as well as flooding facing producers in Ghana and the Ivory Coast.
“Those two countries actually represent about two-thirds of the world’s coca production,” Charlebois said.
Robert Parsons, a sessional instructor in supply chain management at the University of Manitoba said high seasonal demand doesn’t help.
“Everyone decides they’re going to get chocolate around Easter,” he said. “That’s why there’s an elevated demand. And if you have supply constraints, that’s why the prices are really gonna go super high.”
Decadence Chocolates, a shop located in Winnipeg’s West Broadway neighbourhood said it’s feeling the pinch.
“I’m absolutely concerned,” owner Helen Staines said.
While Staines hasn’t raised her prices yet, she said a hike could be on the horizon.
“I will try and keep it as minimal as I can,” she said. “I probably will not increase the price as full as my chocolate price is increased, but I’ll have to look at it.”
Local grocery stores said they’re finding that Easter candy prices are up, but sales are down.
“Normally, the (Easter) section…by around this time last year, would be almost three-quarters empty,” said Munther Zeid, Food Fare’s owner. “With rising costs, people are really watching what they’re buying.”
Staines said she knows high costs all too well.
“Price of sugar has already affected us, price of ginger, anything, any food product has affected us so far,” she said.
Both Charlebois and Parsons said while the price of chocolate will likely remain high for some time, it’s not expected to last forever. However, it’s not clear when the confectionary costs will melt down.
To get ahead of rising chocolate prices, they said people’s best bet is to wait until after Easter when there’s a lower demand and sales. They also recommend buying chocolate for Mother’s Day beforehand, perhaps with Easter goodies, to beat possible price hikes in the future.
CTVNews.ca Top Stories
'Mayday!': New details emerge after Boeing plane makes emergency landing at Mirabel airport
New details suggest that there were communication issues between the pilots of a charter flight and the control tower at Montreal's Mirabel airport when a Boeing 737 made an emergency landing on Wednesday.
Cucumbers sold in Ontario, other provinces recalled over possible salmonella contamination
A U.S. company is recalling cucumbers sold in Ontario and other Canadian provinces due to possible salmonella contamination.
Latest updates: Tracking RSV, influenza, COVID-19 in Canada
As the country heads into the worst time of year for respiratory infections, the Canadian respiratory virus surveillance report tracks how prevalent certain viruses are each week and how the trends are changing week to week.
Weekend weather: Parts of Canada could see up to 50 centimetres of snow, wind chills of -40
Winter is less than a month away, but parts of Canada are already projected to see winter-like weather.
W5 Investigates A 'ticking time bomb': Inside Syria's toughest prison holding accused high-ranking ISIS members
In the last of a three-part investigation, W5's Avery Haines was given rare access to a Syrian prison, where thousands of accused high-ranking ISIS members are being held.
Federal government posts $13B deficit in first half of the fiscal year
The Finance Department says the federal deficit was $13 billion between April and September.
Armed men in speedboats make off with women and children when a migrants' dinghy deflates off Libya
Armed men in two speedboats took off with women and children after a rubber dinghy carrying some 112 migrants seeking to cross the Mediterranean Sea started deflating off Libya's coast, a humanitarian aid group said Friday.
Nick Cannon says he's seeking help for narcissistic personality disorder
Nick Cannon has spoken out about his recent diagnosis of narcissistic personality disorder, saying 'I need help.'
LGBTQ2S+ Africans look to Canada for help as anti-gay laws expand
Countries that already have laws barring gay sex are increasingly making it a criminal offence to even identify as a gender and sexual minority. The Canadian Press investigates how these trends are playing out in countries where Canada has strong ties.