Global cocoa prices hit record high as El Niño wreaks havoc on crop

Global cocoa prices have hit record highs again as drought wreaks havoc in West Africa, the BBC reports. Cocoa prices on the commodity market in New York reached a new historical high of $5,874 per ton. Since the beginning of last year, the cost of the main ingredient for making chocolate has roughly doubled. The rapid rise in cocoa prices is already trickling down to consumers and putting pressure on major chocolate manufacturers. One of the world's biggest chocolate makers has warned that historic cocoa prices are expected to limit earnings growth this year. Manufacturers do not exclude price increases for customers. Global chocolate sales from the biggest producers fell about 6% as inflation-hit consumers cut spending on confectionery. Experts identified the rising cost of chocolate ingredients as one of the problems that manufacturers will face in the coming year. World producers note that there has been a significant increase in prices for both cocoa and sugar. Experts ...