Chocolate Prices Surge This Valentine’s Amid Cocoa Crisis

Chocolate lovers are facing sticker shock this Valentine’s Day as consumer prices for chocolate have surged 14.4% year-over-year, a significant acceleration from 7.8% during the same period last year.

According to market intelligence firm Datasembly, which tracked over 4,000 chocolate products across 57,000 U.S. stores, the spike reflects the lingering effects of a global cocoa shortage driven by extreme weather in West Africa, where approximately 70% of the world’s cocoa is produced.

Cocoa bean futures skyrocketed from around $2,500 per metric ton in 2022 to above $12,600 in late 2024, forcing manufacturers like Hershey to navigate “unprecedented cocoa inflation.”

While cocoa prices have since crashed below $4,000 per metric ton, the chocolate on shelves today was made with beans purchased at near-crisis highs, keeping retail prices “sticky.”

Shoppers in Denver, Los Angeles, and Dallas are facing even steeper hikes approaching 20%.

Relief is expected to be “slow and uneven,” with prices potentially cooling by Easter and falling by Halloween.