Valentine's Day 2024 brings mixed news as chocolate prices soar 10% to 20% due to cocoa prices doubling amid supply chain challenges and climate change impacts. Despite rising costs, Americans plan to spend around $2.5 billion on candy, with 75 million pounds of chocolate projected to be purchased. This reflects consumer affection for chocolate as the leading gift choice on Valentine's Day, even as cocoa farming faces dire conditions in West Africa due to climate fluctuations.
"This Valentine's Day expect prices for chocolate treats to increase around 10% to 20% over last year as the price of cocoa has more than doubled since the beginning of 2024."
"Despite these price increases, the National Retail Federation (NRF) still predicts people will be dropping the big bucks on candy, with 56% of survey respondents voting it as the most popular Valentine's Day gift category."
"Cocoa farming is becoming tenuous at best. Unfortunately, things aren't likely to change anytime soon, considering that a big reason for these price increases is climate change, which impacts food production."
"Americans don't seem to notice or care about the price increase as they are still projected to purchase around 75 million pounds of chocolate this Valentine's Day."
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