Australian chocolate lovers should enjoy splurging at upcoming Halloween celebrations before an expected jump in the price of the sweet treat.
The advice came after future stocks in cacao – the bean roasted to make key chocolate ingredient cocoa – jumped to their highest level in 44 years on global markets this week.
While prices are unlikely to rise sharply ahead of Halloween next Tuesday, chocolate lovers could be in for a rude shock next Easter, one Aussie chocolate business said.
Drew Maddison, founder of Melbourne’s Ministry of Chocolate, told 9news.com.au prices by major manufacturers have been locked in for coming months.
“So there shouldn’t be any major rises for Halloween … but next Easter is likely to be a different story,” he said.
The hike in cocoa prices has been partly caused by the El Nino weather phenomenon in major cacao-growing countries, experts say.
The warmer, less humid conditions have stunted growth of cacao beans in West Africa where much of the world’s cocoa crop is produced.
Cacao grows best in consistent temperatures, high humidity and plenty of rain.
The result has been a shortage of cocoa and extra costs for chocolate makers in Australia and across the world.
“We’ve had scary times already with a downturn in the demand for confectionery items,” Maddison said.
He said during this year his workforce has gone from 33 people to 12 in just four months.
(9 News)
