Time to get spooky, if you haven't already. All Hallow's Eve brings all treats for the Bitcoin maxi and more tricks for the American consumer. Perhaps many of us are now numb to inflated product prices at the grocery store. One aisle not spared from rising prices is the candy aisle. I observed no shortages there, but the Hershey bars were definitely more expensive than last year.
And those sweet treats probably aren't going to get any cheaper, at least any time soon. Two primary ingredients of confectionaries are sugar and cocoa. The price of each ingredient has been steadily rising since the beginning of the year.
Cocoa surpassed its previous high price point, last seen in February 2011. It is up 46% since the beginning of 2023. An outbreak of black pod disease on the plants is resulting in smaller supply from West African producers.
The rising cost of both of these ingredients will ultimately translate to higher prices for consumers. As if things weren't expensive enough already. Don't let that sweet tooth get to you!
Happy Halloween
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