Bad news for chocolate lovers: an analyst predicted a sharp rise in chocolate prices in Russia

World prices for cocoa beans continue to break historical records, rising by 8.5 percent in current trading and reaching approximately $9.2 thousand per ton.

This is leading to an increasing global shortage of key raw materials for chocolate production and a sharp rise in product prices in 2024, which, according to an analyst at Freedom Finance Global Vladimir Chernovwill also affect Russia.

Extreme heat and unusually high rainfall in Ivory Coast and Ghana, which account for about 60 percent of the world’s cocoa supply, will result in the lowest harvest volumes in a decade. This is a factor that contributes to the price rally in the commodity market.

“Against this background, we assume that milk chocolate in Russia will rise in price on average by 50-60 percent, and bitter chocolate by 70-80 percent,” the specialist said.