Abidjan, 19 September 2023 – The International Cocoa Organization releases the Cocoa Market Report for August 2023. The current report highlights the following insights:
- Price rallies in August were influenced by the decline in supplies for the current season as well as concerns for the upcoming 2023/24 season.
- The front month futures prices averaged US$3,453 per tonne and ranged between US$3,323 and US$3,730 per tonne in London. In New York, the average price was US$3,416 per tonne and ranged between US$3,269 per tonne and US$3,633 per tonne.
- A year ago, the front-month prices were at an average of US$2,041 per tonne London and settled at an average of US$2,369 per tonne in New York.
- Month of August witnessed high premiums.
- Should we expect a repeat of chocolate shrinkflation as manufacturers grapple with high prices of cocoa beans?
- Or will the soaring cost of cocoa be passed on to consumers and will we see more pushbacks from retailers if manufacturers increase their prices?
You can download the complete report by clicking here.