Easter shrinkflation hits the chocolate aisle

NOVATO, CALIFORNIA - MARCH 22: Chocolate Easter candy is displayed on a shelf at a Target store on March 22, 2024 in Novato, California. Cocoa futures prices have more than doubled since the beginning of the year and hit a record high of $8,940 per ton today. The spike in price is due to a shortage of cocoa and will likely result in higher prices for chocolate products ahead of the Easter holiday. Justin Sullivan/Getty Images/AFP (Photo by JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

NEW YORK: Baskets overflowing with chocolate bunnies and pastel-coloured marshmallows are a holiday staple, with Americans forecast to spend more than US$5bil on candy this Easter season.

But this year, consumers will be paying more for less as cocoa costs continue to surge.