Chocolate: Cocoa price hits record high as El Niño hurts crops - BBC News

The cost of the key ingredient for making chocolate has roughly doubled since the start of last year.

9 hours agocommentsCommentsShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesBy Peter HoskinsBusiness reporterGlobal cocoa prices have hit a fresh record high as dry weather hurts crops in West Africa.

Cocoa prices on the New York commodities market reached a new all-time high of $5,874 (£4,655) a ton on Thursday.

The cost of the key ingredient for making chocolate has now roughly doubled since the start of last year.

Soaring cocoa prices are already filtering through to consumers and squeezing major chocolate makers.

On Thursday, one of the world's biggest chocolate manufacturers Hershey warned: "Historic cocoa prices are expected to limit earnings growth this year."

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