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Higher cocoa costs lead to strong upturns in chocolate prices
(MENAFN) Despite assurances from global central bankers that inflation rates are under control, chocolate enthusiasts are facing a bitter reality as prices for their favorite treats surge. The cost of popular chocolate products, such as Freddo Frog, has seen a significant increase as confectionery companies pass on the higher costs of cocoa to consumers. Cadbury Australia, a subsidiary of Mondelez, has announced it will double the price of two of its well-loved chocolate items, with Freddo Frog—an iconic Australian treat introduced in 1930—now priced at USD2. The price hike is attributed to the record-high levels of cocoa futures, driven by adverse weather conditions and the spread of agricultural pests.
The decision to increase prices marks the first adjustment in over two decades, with Cadbury attributing the rise to both the soaring global cocoa prices and increased production costs. Australians consume approximately 90 million Freddo Frogs annually, making it a staple in the country’s confectionery culture. Tim Hackourt, chief economist at the Institute of Public Policy and Governance at the University of Technology Sydney, notes that the price increase will likely provoke strong reactions from consumers, reflecting Freddo Frog’s status as a cultural icon akin to Vegemite or Fosters.
In the UK, the Freddo Frog has become a gauge of the rising cost of living, with consumers regularly comparing its current price to the 10-cent cost when it was reintroduced in 1994. This unofficial measure highlights the broader impact of inflation on everyday items, illustrating how global economic pressures are trickling down to affect consumer products.
The decision to increase prices marks the first adjustment in over two decades, with Cadbury attributing the rise to both the soaring global cocoa prices and increased production costs. Australians consume approximately 90 million Freddo Frogs annually, making it a staple in the country’s confectionery culture. Tim Hackourt, chief economist at the Institute of Public Policy and Governance at the University of Technology Sydney, notes that the price increase will likely provoke strong reactions from consumers, reflecting Freddo Frog’s status as a cultural icon akin to Vegemite or Fosters.
In the UK, the Freddo Frog has become a gauge of the rising cost of living, with consumers regularly comparing its current price to the 10-cent cost when it was reintroduced in 1994. This unofficial measure highlights the broader impact of inflation on everyday items, illustrating how global economic pressures are trickling down to affect consumer products.
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