It’s Halloween in a few days, which you may or may not care about, but for those who do and are about to stock up on chocolates and sweets, we have some disturbing news.
El Niño is having an impact on cacao bean crops, which is making chocolate more expensive.
Cocoa, a vital ingredient in chocolate, is more expensive than it has been in decades, as hotter and drier weather patterns stunt crop growth.
Cocoa futures (surely you follow cocoa futures!) have hit a 44-year high, surging to $3786 per tonne.
Cacao is a precarious crop and tends to thrive in consistent temperatures, high humidity, abundant rain, nitrogen-rich soil and protection from wind. Many of those weather conditions have been absent this season, disrupting the cacao harvest.
Coupled with an already-pressured sugar market, the cocoa shortage has spooked major chocolate makers, sending prices of classic sweets higher.
Do you buy into Halloween? Or ignore it?
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