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Cocoa prices soar

The worst cocoa supply deficit in over 60 is here, with farmers in West Africa facing adversities related to the weather and disease. The consequences will soon be felt by consumers, a CNBC report anticipates. Cocoa has more than tripled in cost over the past year and is up 129% in 2024, the news outlet points out.

The US National Confectioners Association told CNBC in an email that the industry is working with retailers to “manage down costs” and keep chocolate affordable for consumers.

The International Cocoa Organization estimates a supply deficit of 374,000 tons for the 2023-24 season, a 405% increase from a deficit of 74,000 tons in the previous season.


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