October 31st, 2013
10:23 AM ET

Chocolate, Wine Prices On The Rise

Halloween may be more bitter than sweet this year because the cost of buying your favorite treats—chocolate and wine, may soon be skyrocketing!

Why? Because growing demand in emerging markets and bad weather in major cocoa producing countries is pushing up the cost of key ingredients, CNNMoney reports.

Cocoa bean prices are up by 22%, cocoa butter by 63%.

“So far they haven’t really been passing that on to us, but you just wait,” CNN Chief Business Correspondent Christine Romans reports.

“Watch for prices to rise. What I think you’re going to see first are smaller packaging…And they’re going to start to have to try to figure out other things to put in there to make up for the higher cost of cocoa butter,” Romans says.

Bacchus may have to pay up due to weather related issues as well. Global production fell by more than 5% last year – to its lowest level since the 1960s – primarily due to bad weather in France and Argentina, CNNMoney reports.

“We consume more wine than we wine,” Romans says.  “Basically wine production down at a time when wine consumption is actually up, and that means prices rise.”

Posted by
Filed under: Money Time • moneytime
soundoff (No Responses)

Post a comment


 

CNN welcomes a lively and courteous discussion as long as you follow the Rules of Conduct set forth in our Terms of Service. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Service.

Follow

Get every new post delivered to your Inbox.

Join 329 other followers