Increase of Cocoa Prices Slows Down

In May 2024, the consumer price of cocoa and powdered chocolate in the EU was 6.3% higher than in May 2023. 

The consumer price of cocoa and powdered chocolate, already on the rise since early 2022, saw a significant acceleration in the last quarter of 2022, with annual inflation rates exceeding 10%. The increase peaked in May 2023, with an inflation rate of 18.5% relative to May 2022. While prices have been rising more slowly since then, the inflation rate did not fall below 10% until February 2024.

In May 2024, most EU countries reported an increase in the annual inflation rate for cocoa and powdered chocolate. The highest increases were recorded in Estonia (+17.4% compared with May 2023), followed by Croatia (+15.5%) and Austria (+12.6%). In contrast, 2 countries recorded a decrease in the inflation rate for cocoa and powdered chocolate: Slovakia (-6.3%) and Cyprus (-0.3%).