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19 October 2013 | Will Green
The cost of an average 100 gram bar of chocolate has risen by 25 per cent over the past 12 months due to a sharp rise in the price of ingredients, analysts said.
Cocoa butter makes up around 25 per cent of the ingredients of a bar and prices have risen by 80 per cent year-on-year, according to Mintec.
Increased prices for other ingredients including whey powder have also contributed to the hike. But the price of cocoa powder, which makes up between 5 and 10 per cent of a bar’s ingredients, has fallen by 40 per cent, due to ample stocks and increased cocoa grinding activity.
Overall cocoa represents around 30 to 35 per cent of the cost of a bar of chocolate.
Mintec says the shortage in cocoa butter is due to “adverse weather conditions in Ivory Coast and expectations of a second consecutive supply deficit in the 2013/14 season”.