Cocoa prices are rising so fast they are outpacing bitcoin — just in time for Easter

• Cocoa prices have nearly doubled in 2024, outpacing bitcoin in the past 12 months.
• Rising cocoa costs may drive up Easter-chocolate prices.

Cocoa prices are so high that parents might want to use their Easter chocolate as a tax write-off this year.

Cocoa prices were already steadily rising in 2023, but the product has nearly doubled in price so far this year, Bloomberg said. Bean prices are rising to an "unthinkable" level as wholesales in New York have jumped more than 47% — or $8,900 a ton — in recent weeks, according to the outlet.

Cocoa's 186% gain over the last 12 months surpassed bitcoin's record-breaking 150% climb over the same period.

The price increase could carry over into stores as Easter rolls around. Last year, US retailers charged 11.6% more for chocolate than in 2022, BI reported.

During earnings calls in January and February, executives from both Hershey and Cadbury noted that price hikes for consumers are possible in light of cocoa-supply shortages. Heavy rains in West Africa, where most of the world's cocoa is grown, have hampered production for the last six months.

"Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," Michelle Buck, the president and CEO of The Hershey Company, said during a February 8 earnings call.