Chocolate prices break records, watch out for Valentine's Day mistakes in Indonesia

Jakarta, CNBC Indonesia - Problems involving the food industry continue to plague the world. This time, it was chocolate or cocoa's turn to start experiencing price shocks. The commodity which is the raw material for the chocolate processing industry which is synonymous with Valentine's celebrations is not doing well. Cocoa futures prices have jumped more than US$ 1,000 (Rp. 15.6 million) or almost 40% since the beginning of the year and reached an all-time high of US$ 5,874 (Rp. 91.8 million) per metric ton on Thursday (8/ 2/2024). The El Nino weather phenomenon causes drier temperatures in West Africa, which is home to three-quarters of the world's cocoa production. This then disrupted harvests in Ghana and Ivory Coast, the two largest peanut producers. "Changing weather patterns mean potential cocoa yields are now permanently disrupted," Humza Hussain, commodities analyst at TD Asset Management, told CNBC Players in the processed chocolate industry are also starting to notice ...