Cocoa bean import prices surged by over 70% in January compared to the previous year, which could affect chocolate prices during Easter.

Import prices for cocoa beans have recently surged in Germany, marking the sharpest increase in the last two decades, according to a report by the Federal Statistical Office released on Tuesday.

In January 2024, the price rose by 73.4% compared to the previous year, a surge that is expected to impact the consumer price of chocolate.

Swiss chocolatier Lindt & Sprüngli highlighted the escalating chocolate prices in March, cautioning about the implications of rising cocoa bean import costs. The company stated earlier this year that if cocoa prices maintain their current level, further price hikes can be anticipated in 2024 and 2025.

One significant factor contributing to the notable increase is the scarcity of cocoa on the global market due to failed harvests, notably in West Africa.

In the previous year, Germany experienced an 8% decline in cocoa bean imports compared to the year before, with the majority sourced from the Ivory Coast in 2023.

The last similar price surge occurred in October 2002, with cocoa costs soaring by nearly 88%.

Compared to February 2023, chocolate producer prices rose by 8.8% in the same month this year, a figure characterized by the statistical office as "above average."