On May 10th, due to the impact of product costs, Nestle USA will increase the prices of some chocolate products. According to a memo, Nestle’s US division will increase the prices of its Toll House chocolate, baked cocoa, and gummy sets starting from June 23rd. Despite the overall easing of food inflation in the United States, prices of chocolate and other categories continue to rise. Cocoa futures hit a historic high at the end of last year due to tight supply, pushing up terminal prices and suppressing consumer purchasing intentions. Last year, cocoa futures in New York soared to a historic high of nearly $13000 per ton due to crop damage in West Africa. Although the current price has fallen 30% from its peak, it is still far above historical levels. Arabica coffee futures also hit a record earlier this year due to Brazil’s drought.
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