Americans Can’t Afford Chocolate
Cocoa stockpiles have hit an all-time low. Futures have risen above $10,000 a ton and are rising. This has also moved the price of chocolate to records on Valentine’s Day.
Cocao Prices
The media has devised several ways to save money, and the industry has already done some for consumers. What cost $10 last year costs $10 this year, but the amount for that $10 has been cut in half. The Washington Post suggests roses are a more affordable alternative gift.
Ivory Coast and Ghana produce almost 70% of the world’s cocoa. One expert told NPR, “Too much moisture followed by getting too hot and drying out too much, explaining that shifting weather patterns stress older cocoa trees and make them more susceptible to disease.” That means prices may not come down for years.
Financial Damage
The damages have become bad enough to affect the financial success of some large companies. Hershey cut profit forecasts because of the shortage of ingredients.
Alternative Candy
Several alternatives are available for those who cannot afford chocolate. Skittles and Starburst are among them, but a gift of those is not very romantic.
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