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How record cocoa prices could affect your wallet and your Easter basket

Last-minute holiday shoppers: Here's what to expect in the candy aisle this week.

Chocolate Easter bunnies on sale just before Easter last year. They may cost consumers more this holiday, and the price is only expected to increase amid a historic cocoa bean shortage.
Chocolate Easter bunnies on sale just before Easter last year. They may cost consumers more this holiday, and the price is only expected to increase amid a historic cocoa bean shortage.Read moreMonica Herndon / Staff Photographer

In candy aisles this week, last-minute Easter shoppers are in for another round of sticker shock as cocoa prices skyrocket to historic levels.

The commodity’s price has more than doubled since January as lackluster harvests in West Africa contribute to a cocoa bean shortage. Closer to home, companies are upping prices.

Last month, Hershey implemented its most recent hike on some grocery and food-service items in an attempt to recoup the increased costs of cocoa and sugar — which is up 8% — and counteract a recent drop in sales volume. Mondelez, which owns Cadbury, increased chocolate prices as much as 15% in 2023, according to executives. Across all brands sold in the United States, chocolate egg prices are up 12% compared to last year, Bloomberg reported.

There are signs that consumers are tired of high prices and less willing to splurge on holiday treats than they were in recent years: U.S. adults are expected to spend a total of $3.1 billion on candy this holiday, down from $3.3 billion last year, according to the National Retail Federation.

Last year, chocolatiers reported that demand was as high as ever, with customers seemingly willing to spend — no matter the cost — to continue annual traditions that they had to pause during the pandemic.

But, chocolate lovers’ enthusiasm could soon wane more dramatically, as industry experts expect consumers to feel the full impact of the cocoa shortage within the next year, likely in the form of even higher prices.

“The worst is still yet to come,” Paul Joules, commodities analyst at Rabobank, told CNBC.

What does all this mean for Philly-area residents who have yet to shop for the bunnies, eggs, and other sweet treats that will fill Easter baskets this weekend?

We looked at the Easter deals in this week’s digital circulars for ShopRite, Acme, and Weis, as well as circulars from last Easter week, to provide a snapshot of about how much you’ll be spending relative to last year on some holiday favorites:

  1. Two 10 oz. bags of Hershey’s Easter candies: $9 at ShopRite, up from $7 last year

  2. Two 14 oz. bags of Starburst Jelly Beans: $7 at Acme and Weis, up from $6 last year

  3. Three 0.7 oz. Kinder Joy Treat & Toy Easter Eggs: $5 at ShopRite, up from $4.50 last year

  4. Lindt small 3.5 oz. chocolate bunny: $5 at Acme and Weis, consistent with last year’s prices

  5. Two four-packs of 1.2 oz. Cadbury Chocolate Creme Eggs: $7 at ShopRite, up from $6 last year

  6. Three 8- to 10-count packs of Peeps: $4.50 to $5 at Acme and Weis, consistent with last year’s price

  7. Two 10 oz. bags of seasonal M&M’S: $8 at Acme and Weis, consistent with last year’s price