They knock on doors and hope their cry of “Trick or Treat” will be rewarded with some kind of lollies or candy. No doubt many of you went shopping for sweet things to keep the kids at bay.
"These figures represent an indication of chocolate demand and show consumers may be reducing their consumption in the midst of other household inflationary concerns.
If you did, you may have been taken aback by the high price of items in the confectionary aisle, particularly any product containing chocolate. Maybe this led to fewer treats than usual for the neighbourhood ghouls.
The background on why prices are so high right now is fascinating and it may help you explain to the disappointed children why their bag is not as full as last year.
The commodity which is seeing the biggest price shock right now is cocoa, the main ingredient of chocolate. Almost half of the world’s cocoa is grown in one country in West Africa – Cote d’Ivoire (or Ivory Coast), with a further 20 per cent grown in neighbouring Ghana.
Heavy rains across these countries have hit the cocoa crops badly. In addition to flooding, the wet weather has also spread black pod disease across cocoa crops, further reducing the supplies.
As a result, 2023-24 is forecast to be the third consecutive year where more cocoa has been consumed than is produced, driving available stocks to very low levels. Global cocoa prices have risen to a 45-year high, at around US$3,800 a tonne, a level not seen since the weather shocks of the 1970s.
GLOBAL COCOA PRICE (BASED ON NYMEX AND ICE PRICE)