Cocoa Prices Soar to Record Highs Amid Poor Harvests in West Africa

The El Niño weather phenomenon and climate change contribute to a significant increase in cocoa prices, affecting chocolate manufacturers and consumers worldwide.

Global cocoa prices have reached a new all-time high, significantly impacting chocolate production costs and consumer prices.
The El Niño weather phenomenon and climate change are causing drier weather and poor harvests in West Africa, the world's largest cocoa-producing region.
Major chocolate manufacturers like Hershey and Cadbury have warned of limited earnings growth and potential price increases for consumers.
The price of cocoa has doubled in the past year, with the most active futures contract reaching the highest price in 65 years of data.
Consumers are already feeling the impact, with the price of some chocolate products rising significantly over the past year.

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