Cocoa prices soar over $12,000

Cocoa futures crossed $12,000 per metric ton in early trading this morning, nearly triple the price at the start of the year — threatening to raise the cost of America’s favorite indulgence. 

The now precious bean’s price rise is partly blamed on drought-diminished harvests in West Africa, a region which produces around three-quarters of the world’s cocoa. So far, the impact on consumers hasn’t been quite as extreme as the raw moves in the commodity itself, though major players in the chocolate market like Nestlé, Lindt, and Mondelez all hiked prices at some point this year, citing higher cocoa costs. Some are even expecting an unprecedented ~10% increase in chocolate prices the coming year, potentially leaving a bitter taste in consumers’ mouths.

See the full article here.