The cost of sugar and cocoa has skyrocketed, causing chocoholics to be furious. They have been warned to “stockpile” their favorite treats to avoid the price spike.
Cocoa prices have risen by 44 percent in the last 12 months and reached their highest level in 44 years on Tuesday. Experts say that the increase in cocoa prices is due to the global demand for the product and the El Nino phenomenon, which has affected major cacao-producing countries such as West Africa, where much of the world’s cocoa is produced.
Sugar prices have risen by 40 percent since last year.
Kirsten Tibballs is a celebrity pastry chef and “chocolate queen” who told the Herald Sun that “the future will be unprecedented.”
Some companies lock in their prices for a year, so the timing of a major increase depends on that.
She said that the price of chocolate at retail had already increased while many chocolate bars were shrinking in size.
Cadbury’s owner, Mondelez, has confirmed that the company has recently raised the recommended retail price of its family blocks for the first time in three years.
In a recent statement, a spokesperson stated that “the last few years were extremely difficult for Australian food manufacturers. Like many others, we experienced significant challenges in the supply chain and increased commodity and input costs.”
Do you buy less chocolate due to the rising cost of living?
Australian consumers, it is assumed, were not impressed with the news. They took to comments on a TikTok Video to complain about the “ridiculous cost” of snacks.
“Snacks these days are ridiculous.” “$8 for a bag and $5-7 for chocolate,” wrote one.
Another person commented, “If [a] chocolate block shrinks anymore I won’t see it.”
A third said, “They claim that they haven’t raised the price for years, but every year they reduce the size of the blocks.”
Someone else made a joke about “TPTB – Too poor to Buy” – the new name for my diet.
“What?! It’s still not high enough. A normal-sized block of chocolate will cost $12 to $14 ??!! “I’m a chocolate addict,” said another.
Why are we not paying enough [already] for everything? One person commented, “There is no joy left in the world.”
In a survey conducted by Compare the Market in May of this year, 58 percent of Australians reported that they had reduced the amount of chocolates and lollies purchased. The second most popular thing people gave up to save money was confectionery.
Phillip Portman, a Compare the Market representative, said that the prices of gas, groceries, and electricity were all rising.
After ten consecutive rate increases, many households have seen their mortgage and rental payments increase.
Many Australians are cutting back on meat and sweet treats in order to save money.
