Summarised by Centrist
Global food prices surged in 2024, with cocoa leading the charge, up nearly 200% due to supply deficits in West Africa.
Crop disease and adverse weather have tightened cocoa supplies, pushing New York futures to a record $13,000 per ton.
Goldman Sachs analysts predict another cocoa rally, citing “structural supply deficits” and historically low warehouse stocks. Orange juice and coffee prices also spiked, up 73% and 72% respectively, driven by poor citrus yields in Florida and global coffee shortages.
The UN’s Food Price Index confirms food inflation is accelerating, with analysts warning of worsening trends in 2025.
Retail egg and beef prices have already reached record highs, underlining the strain on consumers worldwide.
Whittaker’s chocolate prices rose twice in 2024 as result of the global cocoa shortage, with African supply down by 40%.
Whittaker’s, which traditionally sources cocoa from Ghana, now supplements with beans from other African regions meeting ethical and quality standards. Co-COO Matt Whittaker warned the cocoa shortage is likely to drive further price increases across the chocolate industry.
Read more over at ZeroHedge and RNZ
Image: Wainuiomartian
