Whether you’re enjoying a Valentine’s Day with your other half, celebrating going solo or marking Galentines, everyone loves a bit of chocolate to mark the occasion.
A box of chocolates has been a staple gift for years, but as cocoa prices soar your favourite box of chocolates could cost up to 30% more than last year.
Data from investment platform Saxo shows that the price of the nation’s favourite chocolate boxes has risen by nearly a third with the most expensive coming in at £11.75 for a Ferrero Rocher Boxed Chocolates, up from £9 in 2024.
The cost of Dairy Milk and Celebrations have also soared with prices up by around 18% each, far higher than the 2.5% inflation figure for 2024.
While prices have come down from 2024 following a dramatic hike, Ole Hansen, head of commodity at investment platform Saxo said the supply issues show little signs of improving and only a lower demand will help establish prices.
Ole also highlighted that demand has reduced as consumers are not willing to pay the price hikes we have seen in recent years.
Ole Hansen, head of commodity at Saxo said, “Cocoa futures traded in London have stabilised between 8500 and 9000 GBP per ton, following a dramatic 2024 that saw prices rally from around £3500 per ton to a record high in April above £10,000 per ton. A brief spike back towards those record levels last month was halted after European grinding data pointed towards a slowdown in demand amid consumers baulking at the prospect of paying current high prices.
“Overall, with supply from key producers in West Africa not showing much signs of improving any time soon, it will have to be lower demand that eventually helps stabilise prices, however, for now still near historical levels. To put things in perspective, the 5-year average price prior to 2024 was £2,000/t, with current prices being 138% higher compared to this time last year.”
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