Chocolate prices are on the rise, with a staggering 11% increase in the year leading up to August, spelling bad news for chocolate enthusiasts just ahead of Halloween. Recent figures reveal that these price hikes far exceed the overall inflation in supermarket food and drink prices, which only rose by 2.7% during the same period, according to the latest inflation tracker by Which?.
The surge in cocoa prices can be attributed to consecutive poor harvests, a consequence of unusual weather conditions in West Africa. Reports indicate that the cost of popular chocolate products has significantly shot up, with examples such as Sainsbury’s No Added Sugar Milk Chocolate witnessing its price nearly doubling from 95p to £1.84 in the span of a year. Other brands like Prestat Chocolates & Truffles Assortment and Asda’s Moo Free Dairy Free & Vegan Original Chocolate Bar have also seen substantial increases of 88% and 60% respectively.
Moreover, staple products like Cadbury Family Treatsize Multipack, Cadbury Milk Tray Chocolate Box, and Twix Caramel & White Chocolate Fingers Biscuit Snack Bars Multipack have all experienced price escalations of over 40% within a year. The inflation tracker also highlighted hikes in prices of other commodities such as Sainsbury’s Fat Free Natural Yoghurt and Aldi’s Acti Leaf Unsweetened UHT Soya Drink.
Overall, the tracker indicated a 16.6% spike in food and drink prices in the three months leading up to August 2024 compared to the same period two years earlier. This emphasises the ongoing challenges faced by consumers in affording essential items. Which? Retail editor Ele Clark advised consumers to compare prices per gram across different retailers, products, and pack sizes for better value for their money.
Retail giants like Asda, Morrisons, and Sainsbury’s have responded to the increasing prices by assuring customers of their efforts to provide competitive pricing and value. Asda pointed out its consistent recognition as the best-value traditional supermarket in independent price comparisons, while Morrisons highlighted their initiatives like More Card rewards for customers. Sainsbury’s reiterated its commitment to offering great choice and value to customers, including promotional pricing for popular products like Cadbury Family Treatsize Multipack.
The warning to chocolate lovers comes as a cautionary note amidst the evolving market conditions, urging consumers to make informed choices and shop wisely during these turbulent times of rising prices and inflation.