Tridge summary
Nigeria's financial difficulties have led to a significant decrease in cocoa exports, causing a rise in chocolate and cocoa prices globally. Although Nigeria is not the only contributor to the global cocoa market, the combination of cash flow issues and adverse weather conditions in key growing areas has resulted in a tight supply. Despite record inflation, the price of cocoa has experienced a more modest increase compared to other foodstuffs, with the European Union seeing a 12.6% rise in cocoa and cocoa powder prices over the past year. Hungary has seen the most significant consumer price increase for both cocoa and chocolate in the EU.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Chocolate and cocoa prices are rising, as one of the world's largest cocoa exporting countries, Nigeria, has a problem with the cash supply, which has caused exports to drop by about three quarters. Overall, this is not a big drop in the global market, but the drier weather that damages the plantations also increases the panic. The drought makes the situation worse Despite the record inflation, the price of cocoa rose more moderately compared to most other foodstuffs: in the European Union in December 2022, the price of cocoa and cocoa powder was on average 12.6 percent higher than a year earlier, according to Eurostat data. The consumer price of chocolate was 9.6 percent higher than a year earlier, reports Napi.hu. In Hungary, similar to most food ...
Source: Trademagazin
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