{"id":205402,"date":"2024-02-09T19:49:09","date_gmt":"2024-02-09T19:49:09","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/02\/09\/cocoa-chocolate-prices-soar-to-record-highs-on-el-nino-climate-change\/"},"modified":"2025-06-25T17:21:57","modified_gmt":"2025-06-25T17:21:57","slug":"cocoa-chocolate-prices-soar-to-record-highs-on-el-nino-climate-change","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/02\/09\/cocoa-chocolate-prices-soar-to-record-highs-on-el-nino-climate-change\/","title":{"rendered":"Cocoa, chocolate prices soar to record highs on El Nino, climate change"},"content":{"rendered":"

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Cocoa prices are at a record high and some of the world\u2019s biggest chocolate producers are sounding the alarm as the Valentine\u2019s Day buying surge approaches.<\/p>\n

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The output for cocoa producers in Ghana and Ivory Coast, which alone are responsible for 60% of the world\u2019s supply, is under threat thanks to poor weather and climate change<\/a>. Increased crop disease from earlier rains and recent dry conditions caused by the El Ni\u00f1o weather phenomenon have led to poor harvests, according to a Friday report by London-based economic research firm Capital Economics. Global cocoa production could fall by double digits this year due to these factors, the research firm predicted.<\/p>\n

As a result, the key chocolate ingredient\u2019s price has skyrocketed<\/a> and chocolate prices could soon follow.\u00a0<\/p>\n

Thanks to an increasingly tightening supply, cocoa futures jumped as high as $5,798 per ton on Friday, their highest level going back 65 years, according to data compiled by Bloomberg<\/a>. In just the past year, cocoa futures have soared more than 120%.<\/p>\n

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