Chocolate Prices Could Double as Demand for Cocoa Butter Increases Globally
The world is full of breaking news this week: the U.S. might get involved in Syria, there’s flash flooding in Colorado, and Miley Cyrus is well, just being Miley, but there’s some news that just came across our desks that makes us want to drop what we’re doing and head to the nearest Whole Foods: chocolate prices are going up.
According to the Huffington Post, the cost of the sweet treat isn’t just going up a little, either. We’re talking double the price. Double! The reason has a little something to do with good old fashioned supply and demand for cocoa butter in more affluent, emerging nations, as well as some very boring economic information about ratios and futures pricing.
Due to an emerging middle class, the desire for chocolate confections has increased exponentially in parts of the world like Asia and Latin America. According to Richard Lee, executive chef at Aalst Chocolate, a chocolate supplier based in Singapore, “We have increased our chocolate prices by 30 to 40 percent since January and most of our customers are not happy about it."
We’re not happy about it either, Richard, especially because industry experts warn that the price increases could hit the U.S. at the height of the holiday season. So start stockpiling moms, holidays without chocolate are not an option!