Posts tagged ‘cocoa’

February 1, 2011

CaffeineFiend: Coffee Prices Rise and a Cocoa Shortage Crisis?

Chocolate Fondant

Photo: etsy.com (Vintage Confections)

If you’re on a tight budget and have a hard time sticking to it like me, the news that prices for coffee and chocolate are on the rise is more than a little alarming! Two staples of my regular, everyday diet are about to cause me even more financial stress?! Sad day.

MSN Money recently posted an article from Beth Pinsker at dealnews.com listing 11 things that are getting more expensive this year. My heart sank when I saw coffee made the list and I almost started to cry when I skimmed further and saw chocolate too.

Reports claim that the world is going to see a drastic reduction in the availability of chocolate as the cocoa market faces a significant shortage. According to the U.K.’s Dailymail, the shortage is a result of weather patterns affecting crops in the Ivory Coast (a region which accounts for 40% of the world’s supply of cocoa beans). MSN reports that unrest in the region is also a factor. Some sources say cocoa prices are going up, and so is the cost of your your favorite chocolate bar, but MSN reports that chocolate markets have already factored in the supply issues, so there is no cause to worry about the cost of that 3pm Twix fix!

The news from ABC-KGO is not so optimistic. They indicate that this shortage has been building. According to their experts, a key problem is the lack of incentive for cocoa farmers who face a 3 year wait for cocoa trees to mature and only earn $1 a day. They claim that in 20 years, “the average joe won’t be able to afford chocolate unless new research into growing higher-yielding trees prove fruitful.”

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