In May 2024, consumer cocoa prices and chocolate powder in the EU were 6.3 percent higher than in May 2023, according to Eurostat data published today.
For comparison, in May last year prices of cocoa and chocolate powder increased by 18.5 percent on an annual basis.
Consumer prices for cocoa and chocolate powder, which have been rising since early 2022, saw a significant acceleration in the last quarter of 2022, with average annual growth rates exceeding 10 percent. The price increase reached its peak in May 2023 - 18.5 percent on an annual basis. Although prices have been rising more moderately since then, growth remained below 10 percent until February 2024.
In May this year most EU countries reported annual increases in cocoa and chocolate powder prices. The most significant price increase was registered in Estonia (+17.4 percent), followed by Croatia (+15.5 percent) and Austria (+12.6 percent).
In contrast, 2 EU countries registered a fall in cocoa and chocolate powder prices - Slovakia (-6.3 percent) and Cyprus (-0.3 percent).