Easter baskets may be more expensive this year as global cocoa prices reach record highs. Big and small chocolate companies say they have raised prices of chocolate.
This comes as chocolate shops prepare for one of their three busiest holidays: Easter.
Stargazer Fine Chocolates and Coffee in Denver says the revenue they make during the Easter holiday is just as important as Christmas and Valentine's Day.
Jason Meyers is the owner of Stargazer Fine Chocolates and Coffee. Meyers said they opened their family-run chocolate business six years ago. Meyers said they raised the prices of their chocolate this year for their customers.
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"Part of that is due to chocolate prices. But a lot of that is due to inflation in general. Not only have chocolate prices gone up, but also the price of sugar, the price of many of our raw ingredients has gone up, as well as the cost of labor," Myers said.
Myers said his shop sells a variety of milk and dark chocolate products. Myers added they have plenty of cocoa supply to go around and demand this Easter holiday has been strong.
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According to NeilsenIQ, A.
Chocolate eggs are 11.8 % more expensive than last year - costing on average $2.70, according to NeilsenIQ.
The National Retail Federation says they predict Americans will spend around $3.1 billion dollars on candy this Easter.
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Cheri Linden said chocolate is a staple in her Easter shopping basket each year.
"I’ve just had to budget a little bit more for that. But Easter is really important. I love Easter so I still want to get some chocolate," Linden said.
Other shoppers said they noticed that chocolate is more expensive this year.
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"We all like to do a lot of cheese, charcuterie board nights and we used to get chocolate bars to go with that, and now it feels like that’s the most expensive thing we would have to buy," Sophia Kirn said.
"I like to wait until the week after when everything is on sale. That’s when I will finish up my Easter shopping," Abby Vonderhaar said.
Big chocolate companies like Hershey’s and Cadbury maker Mondelez said they also raised prices this year. The companies said demand is strong and they expect to bring in more revenue this year.
