Why cocoa prices are soaring to record levels

Higher cocoa prices are hitting chocolate lovers' wallets. CBS News reporter Taurean Small explains what's driving the increase, and what chocolate brands are doing to adapt.
CBS News 24/7 is the premier anchored streaming news service from CBS News and Stations that is available free to everyone with access to the internet and is the destination for breaking news, live events, original reporting and storytelling, and programs from CBS News and Stations' top anchors and correspondents working locally, nationally and around the globe. It is available on more than 30 platforms across mobile, desktop and connected TVs for free, as well as CBSNews.com and Paramount+ and live in 91 countries.
Subscribe to the CBS News UA-cam channel: / cbsnews
Watch CBS News 24/7: cbsnews.com/live/
Download the CBS News app: cbsnews.com/mobile/
Follow CBS News on Instagram: / cbsnews
Like CBS News on Facebook: / cbsnews
Follow CBS News on X: / cbsnews
Subscribe to our newsletters: cbsnews.com/newsletters/
Try Paramount+ free: paramountplus.com/?ftag=PPM-0...
For video licensing inquiries, contact: [e-mail]

[@ronaldcole7415]

Only mid May and everyday is now a new all time heat record in South Florida. Crops are struggling.

[@MidnightWildspirit]

"Give Me Chocolate Or Give Me Death!"

[@tbolton6156]

The same is true with coffee beans. My two needed addictions. I'm not ready for the experimenting of lab grown coffee and cocca.😕

[@ronaldcole7415]

As global weather rapidly changes, all foods will see these problems. Massive food shortages will be the first victim of human caused rapid global warming.

[@TDK2K]

im stocking up on 70% cocoa chocolate!

[@chrisganesha]

With all due respect, this is over a 100% wholesale price increase per ton and I doubt that this is due to a sudden crazy climate change in two different African nations in one year. I respectfully suggest digging deeper.

[@DBRising]

Chocolate cartel.

[@Vidchemy]

I didn't watch the video. Did they mention that cocoa pods in some regions have been devastated by a fungus?

[@christineherrmann205]

Fungus and bad weather is part of it, and the video goes into it, yes. But it's always a case of companies colluding to keep their profits. They talk about "belt-tightening" at one company, but it's always been another commodities problem: when prices rise, some portion is market manipulation.

[@maryjeanjones7569]

Chocolate prices will definitely be affected due to Stockmarket Trading.

[@saltnpeppanatural1931]

There’s no good chocolate in the U.S. anyway. Easy for me not to eat it.

[@shellysmith1037]

everything is more expensive dude, its called inflation.

[@MichaelHalsell]

Chocolate is not an essential.

[@CarWashReviewsEthanBickmore]

My soul says otherwise... My stomach? Not really lol!!!

[@volkerengels5298]

so - we wait for 2K temperature anomaly. May be it's essential enough then.

[@rebeccahherdener2068]

Tell that to every female about to be or currently on the rag.😅😂😂

[@ggsay1687]

Chocolate is not what you need everyday.

[@user-ft6wo8rs5g]

Bidenflation

[@commanderbell1965]

Nice going Democrats!

[@brianduncan3900]

Yeah, thanks Joe Biden for ruining chocolate. 😅

[@commanderbell1965]

@@brianduncan3900 yep

[@maryjeanjones7569]

Inflation is global, has nothing to do with your Democrats!

[@kathleenvangorder5941]

You obviously did not watch the video. Democrats have nothing to do with this and many other price increases...

[@westcruz3878]

😂😂😂 because of let’s go Brandon 100%