SHOPPERS have been warned the rising costs of two ingredients will hike the price of chocolate this Halloween.
The ongoing cocoa crisis in West Africa and slump in sugar supplies means the cost of the key ingredients have soared.
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As a result, chocolate prices have increased by more than 10% in the last three months.
The price of cocoa in London has skyrocketed by nearly 45% since the start of the year.
As of September, it sits at £5,302 per metric tonne, according to trade journal Confectionery News.
In April, it had reached a record high of £10,265.
Poor harvests caused by unusual weather means cocoa supplies in the likes of the Ivory Coast and Ghana – which produces approximately 60% of the world’s cocoa – remain tight.
Nidhi Jain, commodity specialist at The Smart Cube, told the trade journal it’s a “dramatic rise”.
“Looking ahead, these supply issues are highly likely to keep prices elevated in the run-up to Halloween,” she said.
The expert added that sugar prices are also expected to rise over the rest of 2024 “due to supply distributions”, particularly in Brazil and India.
“Given the volatile costs of these two commodities, there will be unavoidable affects on the consumer, with manufacturers considering price increases to confectionery products,” continued Jain.
“Higher prices for sweets and chocolates seem inevitable as commodity costs rise.”
SUPERMARKET HIKE
The price of chocolate has risen by 11% in the year to August, according to a study by the consumer group Which?
This is compared to other food and drink products which grew by 2.7% over the same period.
These hikes can be seen in supermarkets’ own brand ranges and from manufacturers such as Cadbury and Mars.
Chocolate treats to avoid
The cost of Sainsbury’s No Added Sugar Milk Chocolate (100g) has almost doubled, rising from 95p in the three months to the end of August 2023 to £1.84 in the same period in 2024.
Meanwhile, Asda’s Moo Free Dairy Free & Vegan Chocolate Bar (80g) rose from £1.50 to £2.40, marking an increase of 60%.
Cadbury’s Family Treatsize Multipack, which is a classic to have at the door for trick or treaters increased from £2.50 to £3.72 at Sainsbury.
Meanwhile, the Cadbury Milk Tray Chocolate Box (360g) rose from £4.01 to £5.74 at Morrisons.
Twix Caramel & White Chocolate Fingers Biscuit Snack Bars Multipack, which come in a pack of nine increased from £1.65 to £2.35 at Asda.
An Asda spokesman said the supermarket is “consistently recognised as the best-value traditional supermarket in independent price comparison surveys”.
While a Morrisons spokeswoman said the company was “working hard to keep prices down and competitive for our customers”.
Sainsbury’s said: “While prices can go up and down for a range of reasons, we’re committed to offering our customers great choice and value when they shop with us.”
SHOP AROUND
Ele Clark, retail editor at Which?, explained that to ensure you get the best value for money on your Halloween chocolate, “shop around and compare the price per gram across different pack sizes, retailers and brands.”
This is known as unit pricing and is an easier way for shoppers to compare similar items of different sizes.
You should be able to see the product’s unit price where its price tag is shown – it may be in small print.
It displays the cost of different products by weight, or volume and helps you easily compare the prices of products, regardless of their respective sizes.
For example, Tesco is charging £1.29 per 100g for a four-pack of Twirls.
However, the supermarket charges £1.10 per 100g if you snap it up using the Tesco Clubcard.
How to save money on chocolate
We all love a bit of chocolate from now and then, but you don’t have to break the bank buying your favourite bar.
Consumer reporter Sam Walker reveals how to cut costs…
Go own brand – if you’re not too fussed about flavour and just want to supplant your chocolate cravings, you’ll save by going for the supermarket’s own brand bars.
Shop around – if you’ve spotted your favourite variety at the supermarket, make sure you check if it’s cheaper elsewhere.
Websites like Trolley.co.uk let you compare prices on products across all the major chains to see if you’re getting the best deal.
Look out for yellow stickers – supermarket staff put yellow, and sometimes orange and red, stickers on to products to show they’ve been reduced.
They usually do this if the product is coming to the end of its best-before date or the packaging is slightly damaged.
Buy bigger bars – most of the time, but not always, chocolate is cheaper per 100g the larger the bar.
So if you’ve got the appetite, and you were going to buy a hefty amount of chocolate anyway, you might as well go bigger.
