This week, the price of cocoa beans on the New York Mercantile Exchange reached a historic high of $5,874 per ton. Over the past year, cocoa prices have more than doubled due to drought in West African countries like Ghana and Ivory Coast. These conditions have severely affected cocoa producers in the region.
The increase in cocoa prices has had a ripple effect around the world, causing consumers to pay higher prices for chocolate products. With no immediate relief in sight for cocoa producers and an unstable market, it is likely that these price increases will continue for some time to come.