Halloween chocolate is pricier this year as El Niño hits cacao bean crop
Publishing timestamp: 2023-10-23 18:48:36
Summary
Cocoa futures have reached a 44-year high due to hotter and drier weather patterns affecting the growth of the cacao bean crop. This global cocoa shortage could lead to more expensive chocolate during the Halloween season. The shortage is partially caused by the El Nino weather phenomenon, which is expected to last until the first half of 2024. Major chocolate makers are concerned about the cocoa shortage, leading to higher prices for classic candies. Specialty chocolatiers may be less affected due to their premium cocoa suppliers, but there may still be ripple effects. The shortage may also result in smaller-sized Halloween chocolates.
Sentiment: NEGATIVE
Keywords: ghana, cameroon, weather, world markets, environment, climate, natural disasters, west africa, wells fargo & co, breaking news: business, agriculture, ivory coast, cocoa (may'23), nigeria, halloween, business news, food and drink, retail industry,