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Al Jazeera
21-04-2025
- Business
- Al Jazeera
Bitter truth: Why has chocolate become so expensive?
Cocoa prices surged almost 300 percent last year, making chocolate bars, easter eggs and cocoa powder much more expensive this year than last. In the US, retail chocolate prices were one-fifth higher this Valentine's Day compared with last year, according to Wells Fargo Bank. The price of a king-size US-sold Reese's Hearts chocolate bar was 13 percent higher in February 2024 than in the same month the year before. In the United Kingdom, meanwhile, a Twix white chocolate Easter egg rose in price from 5 to 6 pounds ($6.63 to $7.96) at Tesco supermarkets in the run-up to Easter (year-on-year) and was reduced in size from 316g (11oz) to 258g (9oz). In all, the unit price rose by a whopping 47 percent. While the price of cocoa – made from roasted raw cacao beans, the key ingredient in chocolate – has fallen back by about 20 percent since its all-time high in December 2024, consumers are still paying record prices for chocolate. The spike in the price of cocoa can be chalked up to several factors. Chief among them is extreme weather, which has hit cocoa producers in West Africa, from where most of the world imports cocoa. According to Amber Sawyer, an analyst at the environmental think tank Energy and Climate Intelligence Unit (ECIU), expensive chocolate shouldn't come as a surprise. 'Chocolate is just one of the many foods being made more expensive by climate change-driven extreme weather,' she said. 'These extremes will keep getting worse.' And so might the prices. Benchmark New York futures contracts, used to exchange cocoa at a specified future date and price, hit a high of $12,565 per metric tonne in December 2024. Last year's meagre cocoa harvest led to record supply shortfalls, as poor weather and disease devastated crops in Ghana and the Ivory Coast, where two-thirds of the world's cocoa beans are grown. Crop shortages were also observed in Nigeria and Indonesia, the third- and fourth-largest cocoa producers. In all, there was a 500,000-tonne deficit of cocoa in global markets in 2024, which is continuing to keep prices high. The latest cocoa harvest – which ran from October 2024 to March 2025 – did get off to a bright start, with 33 percent more beans arriving at Ivory Coast ports compared with last year, Commerzbank analyst Carsten Fritsch said in a note to clients. But while the New York cocoa futures price is currently hovering at about $8,350 per tonne – a significant drop from December – concerns are growing that the same dry weather that wrecked last year's crop will take a similarly devastating toll this year, Fritsch said. The uncertainty is taking a toll on chocolate producers. Swiss chocolate maker Barry Callebaut slashed its annual sales forecasts on April 11 due to what it called 'unprecedented volatility' in cocoa prices, sending its shares falling almost 20 percent – its biggest ever one-day drop. Volatile weather is one major factor. West Africa experienced extreme rainfall in 2023, with total precipitation more than double the 30-year average in some places, while 2024 saw extreme heat and drought. Many climate scientists point to the El Nino weather phenomenon, which produces warmer-than-average sea surface temperatures in the central and eastern tropical Pacific Ocean, as the primary driver for volatile weather patterns. However, they also expect a transition to the La Nina pattern – the cooling of ocean surface temperatures in the central and east-central equatorial Pacific every three to five years – to revive cocoa yields at least temporarily. Indeed, the International Cocoa Organization in February forecast a global cocoa surplus of 142,000 megatonnes for 2024/25, the first surplus in four years. That partly explains the recent fall in price. But according to Felipe Pohlmann Gonzaga, a Switzerland-based commodity trader, the larger picture of 'climate change is only going to make supply concerns worse' in the longer term. Scientists at the research group Climate Central published a paper this year showing that climate change compromised cacao trees during the harvest season in Ivory Coast and Ghana. Besides changing weather patterns, several other issues are also driving recent price hikes in cocoa. Across West Africa, new deforestation laws have prevented farmers from expanding cocoa plantations, keeping a lid on supply. West Africa is also grappling with an ageing tree stock. 'Older trees are not being replaced,' Pohlmann Gonzaga told Al Jazeera. 'There has been under-investment in the industry.' At the same time, the spread of the cocoa swollen shoot virus (CSSV) has hit harvests. Tropical Research Services, a market research group, recently found that Ivory Coast cocoa production could halve due to the spread of CSSV. Meanwhile, Ghanaian cocoa farmers are abandoning beans for gold in an illegal mining boom that has hit Ghana's cocoa production and helped drive up prices. In recent months, investors have been buying up the precious metal to shield themselves from the financial market turmoil unleashed by United States President Donald Trump's trade tariffs. On April 16, gold reached $3,357 per ounce for the first time. As a result, many farmers are selling their holdings to illegal miners who have decimated swaths of land in pursuit of gold. Ghana is Africa's leading producer of gold — and the sixth-biggest globally. 'Tariffs have had an impact on the value of commodities, and cocoa is no exception,' says Pohlmann Gonzaga. 'At first, you'd think trade levies would reduce demand for cocoa in the US, which is a big consumer.' The US consumes the most chocolate in the world, though the Swiss take that tag for the most per-capita consumption. 'But if US consumption persists, that could raise prices. And of course, Trump may drop tariffs [on West African cocoa exporters] in the future, which would probably lead to higher demand.' Pohlmann Gonzaga cited the growing demand for chocolate in East Asia. 'We may be seeing a similar trend as with coffee,' he said. China's coffee consumption, for instance, increased by more than 60 percent between 2019 and 2024. In the near term, Pohlmann Gonzaga said prices are likely to 'trend sideways … as these factors can cancel each other out. Volatility will be the word of order for this year.' So far, producers have responded in one of two ways – by passing the higher cost to consumers, or by promoting products with less cocoa or with substitute ingredients. Last year, food giant Nestle introduced a hazelnut flavour to its British Aero line of chocolate bars, which, at 36g (1.3oz), are about one-third the weight of competing chocolate bars. In 2024, agri-food giant Cargill partnered with US chocolate alternatives producer Voyage Foods – which creates cocoa-free bars from grape seeds, sunflower flour and other flavourings – to be its business-to-business distributor. In addition to big companies, startups like Nukoko and Planet A are exploring microbial fermentation techniques to enhance and mimic the aromas and flavour of chocolate. Elsewhere, Dubai chocolate was founded in 2022. Its products are filled with pistachio and tahini and are inspired by kunafa, the chessy, saccharine dessert that is a staple across the Middle East and North Africa. Since coming to market, it has become a social media sensation. If cocoa prices continue rising, 'I'd expect to see more and more cocoa substitutes on supermarket shelves. The interesting question is whether consumer tastes will change,' said Pohlmann Gonzaga.
Yahoo
08-04-2025
- Yahoo
Police: Suspects wanted for robbing ATM technician in Centennial
DENVER (KDVR) — The Arapahoe County Sheriff's Office said an ATM technician was robbed while servicing a machine in Centennial. The sheriff's office posted on X and said the robbery occurred on April 3 at around 3:30 p.m. at the Wells Fargo Bank located at 18515 E. Smoky Hill Road. Motorcyclist dies after crash in Fort Collins According to the sheriff's office, an ATM technician at the bank was reportedly robbed while servicing the machine by three men in ski masks. During the robbery, deputies said some money spilled out, but it was immediately recovered. Investigators said the men fled the scene in a 2023 gray Nissan Rogue. Aside from the ski masks, the sheriff's office said the suspects were also wearing gloves. Now, deputies and the FBI Denver Safe Streets Task Force are asking for the public's help in identifying and locating the suspects. Anyone with information is asked to call the Metro Denver Crime Stoppers at 720-913-7867 or submit a tip on the FBI's website. Tipsters can remain anonymous and be eligible for a cash reward. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
16-03-2025
- Yahoo
Man with AR-platform rifle allegedly threatened to kill people inside Carrollton bank
A man is behind bars after police said he threatened to walk inside a Carrollton bank and kill people. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] On Thursday at 4 p.m., Carrollton officers received reports of a man armed with a gun at the Wells Fargo Bank on Bankhead Highway, who was threatening to go inside and kill people. When officers arrived, they found the suspect, Joel McCarty, sitting in a white pickup truck on the Almon Road side of the parking lot, police said. The department said Cpl. Kane Moore noticed McCarty holding an AR-platform rifle near the truck's back door and immediately told the suspect to show his hands. McCarty complied, dropping the gun, according to police. TRENDING STORIES: 'It sounded like a warzone:' Family recounts moment tree fell on Paulding County home 2 charged with murder after 4-year-old GA girl dies Clean-up effort underway after severe storms cause damage across metro Atlanta The CPD said McCarty also had several hundred rounds of ammunition. He was arrested and booked into the Carroll County Jail. McCarty is charged with criminal attempt to commit murder, possession of a firearm during a commission of a felony and terroristic threats. 'The swift and professional actions of Cpl. Moore and his K9 partner, Olivia, were instrumental in preventing a potential tragedy. Their dedication to duty reflects the highest standards of the Carrollton Police Department,' the department said. [SIGN UP: WSB-TV Daily Headlines Newsletter]
Yahoo
16-03-2025
- Yahoo
Man with AR-platform rifle allegedly threatened to kill people inside Carrollton bank
A man is behind bars after police said he threatened to walk inside a Carrollton bank and kill people. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] On Thursday at 4 p.m., Carrollton officers received reports of a man armed with a gun at the Wells Fargo Bank on Bankhead Highway, who was threatening to go inside and kill people. When officers arrived, they found the suspect, Joel McCarty, sitting in a white pickup truck on the Almon Road side of the parking lot, police said. The department said Cpl. Kane Moore noticed McCarty holding an AR-platform rifle near the truck's back door and immediately told the suspect to show his hands. McCarty complied, dropping the gun, according to police. TRENDING STORIES: 'It sounded like a warzone:' Family recounts moment tree fell on Paulding County home 2 charged with murder after 4-year-old GA girl dies Clean-up effort underway after severe storms cause damage across metro Atlanta The CPD said McCarty also had several hundred rounds of ammunition. He was arrested and booked into the Carroll County Jail. McCarty is charged with criminal attempt to commit murder, possession of a firearm during a commission of a felony and terroristic threats. 'The swift and professional actions of Cpl. Moore and his K9 partner, Olivia, were instrumental in preventing a potential tragedy. Their dedication to duty reflects the highest standards of the Carrollton Police Department,' the department said. [SIGN UP: WSB-TV Daily Headlines Newsletter]
Yahoo
20-02-2025
- Business
- Yahoo
$5M will help provide grants to first-time home buyers in Philly; Mayor Parker launches H.O.M.E. initiative
The Brief Mayor Cherelle L. Parker signed an order to launch the Philadelphia Housing Opportunities Made Easy (H.O.M.E.) Initiative to preview areas that need investments for housing. Wells Fargo Bank issued a $5 million check in its plan to return the NeighborhoodLIFT program to Philadelphia. The money will be cut into $15 thousand grants that will go to first-time home buyers. PHILADELPHIA - It was housing day for the Parker administration as the mayor moved on her pledge to build tens of thousands of affordable housing units for city residents. What we know It was smiles all around in Philadelphia Wednesday as Mayor Parker posed with a 5-million dollar check from Wells Fargo Bank. It's a down payment of sorts on the mayor's pet project, affordable housing. Speaking to residents seeking to buy their first homes, Parker said, "you attach a 5-million-dollar, substantive investment and that's Wells Fargo not just talking the talk but walking the walk." The big check comes tied to the bank's plan to return its NeighborhoodLIFT program to Philadelphia, an effort to help residents buy their first homes. The $5 million will be chopped into $15,000 grants to help first time buyers turn the key on their homes as housing prices soar and housing stock is limited. Housing is high stakes for Cherelle Parker. She campaigned on a pledge to build 30,000 units of affordable housing in her first term. She's since tweaked the plan to include "restore and rehabilitate" to that 30,000. On Wednesday, Parker moved in that direction as she formed an advisory group to offer ideas on streamlining housing plans through government approval. She also introduced Angela Brooks, recently of Illinois, as her new housing czar as the mayor works on her big promise. What they're saying Darlene Goins leads the Wells Fargo Foundation. She spoke to the gathering at The Enterprise Center. "We're all here today because we want to help people get access to homeownership, to build generational wealth and to help the neighborhoods of Philadelphia," said Goins. "We want a streamlined approach so we can get shovels in the ground and the workforce development and apprentice training programs trained by the building trades," said Parker The Source The information i this story is from the city of Philadelphia and its officials.
