You famously never know what you’re going to get when you open a box of chocolates. But for Belgium, a state that’s synonymous with the high-end confectionery, soaring cocoa prices are making life for the nation’s chocolate aficionados even more uncertain than usual.
This year, after extreme weather hammered west Africa’s cocoa harvest for the third consecutive year, prices soared in response. Cocoa futures trading in London and New York temporarily hit as high as €9,300 per ton, triple last year’s amount.
The gaping shortage of beans has percolated its way through to Europe’s premier confectionery hub, putting chocolate makers under unprecedented cost pressure and forcing up prices just as seasonal demand peaks going into the Easter holiday.
Traders have been influencing the supply of cocoa for decades to get as much profit as possible. It’s best not to listen to those in the cocoa trade. They’re ruthless.