Why are prices for cocoa beans rising on the world market?

Chocolate may become more expensive in Russia. According to Kommersant FM’s interlocutors, at the end of the year the cost of confectionery products will rise by at least a third compared to 2022. Prices for cocoa beans on the Intercontinental Commodity Exchange exceeded $3.7 thousand per ton. This is a record for more than 40 years, American media reported. It's all about the low cocoa yield. African commodity-producing countries - Ivory Coast, Ghana, Cameroon and Nigeria - are facing heat and drought due to the El Niño weather phenomenon. The situation with the harvest will inevitably affect the cost of production, noted Vitaly Muravyov, president of the Pobeda confectionery factory: “We all rely on the prices of the London Stock Exchange, where trading is carried out in pounds. The story there is that prices have risen by almost 50% in a year. If in 2022 at the same time a ton of cocoa beans cost about 1.8 thousand pounds, now it is already about 3 thousand pounds. The ...