Chocolate prices rise due to climate change

Chocolate-based products are on display at a supermarket in Seoul, Sunday. Yonhap

The prices of chocolate-based products, such as cookies, chips and snacks, have risen due to climate change impacting cacao production costs.

Of the major confectionary companies, Orion increased the prices of 14 products by 10.6 percent on average on Sunday.

The prices of products such as Choco Songyi and Bichobi increased by as much as 20 percent.

Also on Sunday, Haitai Confectionery & Foods increased the prices of 10 of its products, including Homerun Ball and Pocky, by 8.6 percent.

The price increase comes as the production of cacao, a major ingredient for chocolate, is dwindling due to extreme weather and shrinking cultivation areas.

According to industry sources, the catastrophic production decrease is especially severe in West Africa, which accounts for the “bulk of the global supply.”

The Ministry of Agriculture, Food and Rural Affairs said the price of cocoa, a processed form of cacao, reached $9,236 per ton as of last Tuesday.

According to the ministry, this represents a 127 percent rise compared to last year and a staggering 246 percent increase compared to the average price in recent years.

Sources warn that climate change is expected to drive up prices of other agricultural products and processed goods as global warming intensifies.

They pointed to price surges in sugar, flour and palm oil in recent years.