Cocoa prices reach record high ahead of Valentine’s Day

Valentine’s Day chocolate might cost you more this year.

NEW YORK — Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs that are leading to higher prices for chocolate.

Cocoa futures prices have doubled over the past year and hit an all-time high of $5,874 per metric ton on Friday. Bad weather in West Africa is being blamed for damaging crop yields, which is pushing cocoa prices higher.

“The magnitude and pace of recent price increases seem to be unprecedented,” wrote Citi analyst Thomas Palmer.

With less than a week to go until Valentine’s Day,

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