Cocoa prices are still soaring, thanks to unstable supply. In May, Reuters reported that cocoa prices have doubled over the last three years.
“Cocoa is at a historic high level, and the indications are that it will stay high for awhile, with no big decline anticipated in the next six to 12 months,” Reuters quoted David Rennie, Nestle’s head of UK and Ireland confectionary, as saying in May.
Record-high prices are attributed to demand outweighing supply. Poor crops from Ghana and the Ivory Coast, key suppliers of the world’s cocoa, have shaken up the industry, and further worries persist over possible crop disease and poor growing conditions.