Rich cocoa prices hitting shoppers with bitter chocolate costs as Easter approaches

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sweet Easter baskets will likely come at a bitter cost this year for consumers as the price of cocoa climbs to record highs. Big chocolate companies like Hershey's and Cadbury maker Mondelez have been passing those costs on to consumers — and then some: Hershey's net profit margins ticked higher to 16.7% in 2023 from 15.8% in 2022. It acknowledged price increases of up to 15% within its chocolate category in 2023 and higher prices will likely be a key factor in meeting revenue growth forecasts for up to 5% in 2024. “Its contribution will be a little bit less than we have seen in 2023, but it is higher than an average year.” Hershey raised prices on chocolate overall last year as inflation surged and said it increased prices on some grocery and food service items early in 2024.