The El Niño weather phenomenon has caused dry weather in Ghana and Cote d’Ivoire, which are the two largest producers of cocoa beans in the world.
Global cocoa prices have hit record levels as dry weather has damaged crops in West Africa. The BBC reported this yesterday.
It indicates that cocoa prices on the New York stock exchange reached a new historic high of $5,874 per ton. Over the years, the cost of the main ingredient for making chocolate has roughly doubled.
It noted that cocoa prices have risen due to low yields in West Africa, which make up the majority of global supplies.
The El Niño weather phenomenon has caused dry weather in Ghana and Cote d’Ivoire, which are the two largest producers of cocoa beans in the world.
High temperatures and changes in rainfall patterns caused by climate change can also affect crops.
“Traders are worried about another short year of production, and those feelings are amplified by El Niño, which threatens crops in West Africa with hot, dry weather,” said the Price analyst. Futures Group Jack Scoville.
One of the world’s largest chocolate makers, Hershey, expects historic cocoa prices to limit revenue growth this year and has not ruled out raising prices for customers.
El Niño and La Niña are opposite extreme values of water temperature and atmospheric pressure, characteristic of the equatorial zone of the Pacific Ocean, which last for about six months.
The El Niño phenomenon consists of a sharp increase in temperature (by 5-9 °C) of the surface layer of water in the eastern Pacific Ocean (in the tropical and central parts) in an area of about 10 million km2.
La Niña, the opposite of El Niño, manifests itself as a drop in surface water temperature below the climate norm in the eastern tropical Pacific Ocean.
Together they form what is called the Southern Oscillation.
We remind you that in 2023, world food prices will drop by 11%. However, prices for vegetable oils, dairy products and sugar have increased.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.