‘Ridiculous’: Australians rage as supermarket item set to soar in price

Aussies have voiced their fury amid warnings to “stockpile” chocolate, with confectionary prices set to soar.

Chocoholics have voiced their fury amid warnings to “stockpile” their favourite treats before prices soar due to the skyrocketing cost of cocoa and sugar.

The cost of cocoa rose by 44 per cent in the past 12 months – and on Tuesday, surged to its highest level in 44 years. According to experts, rising global demand is driving the spike, as is the El Nino weather phenomenon in major cacao-growing countries like West Africa, where much of the world’s cocoa crop is produced.

The price of sugar, meanwhile, has jumped 40 per cent since last year.

“Chocolate queen” and celebrity pastry chef, Kirsten Tibballs, told the Herald Sun it’s “going to be unprecedented times going forward”.

Australians are being warned to ‘stockpile’ chocolate before prices soar due to the skyrocketing cost of cocoa and sugar.

“It’s a sad day for all chocolate lovers – stockpile now,” Ms Tibballs said.

“Some companies have their prices locked in for 12 months, so it depends on when that resets as to when they have a significant increase.”

She added that retail chocolate prices had already jumped, at the same time as many chocolate bars had shrunk in size.

Mondelez, the owner of Cadbury, confirmed the company recently increased the recommended retail price for its family blocks for the first time in three years.

“The last few years have been extremely difficult for Aussie food manufacturers, and like many, we have experienced significant supply chain challenges and rising commodity and input costs,” a spokesperson said in a statement.

Australian consumers were, presumably, unimpressed with the news – taking to the comments on a TikTokvideo about the crisis to lament the “ridiculous” cost of snacks.

“Snacks are ridiculous these days. $8 for a bag of chips and like $5-7 for a block of chocolate,” one wrote.

“If [a chocolate block] shrinks any more I won’t be able to see it,” another commented.

To which a third agreed, “They say that they haven’t increased the price in years, but they’ve been reducing the size of the block every year.”

“My new diet is called TPTB – too poor to buy,” someone else joked.

“What?! So it’s not already high enough? $6-7 for a normal size block of chocolate to become $12-$14??!! I’m a chocoholic,” another said.

“Because we aren’t paying enough for everything [already]? There is no joy in this world anymore,” one commented.

Rising global demand is driving the spike, as is the El Nino weather phenomenon. Picture: Anthony Weate

A Compare the Market survey in May this year found that 58 per cent of Australians had cut back on the amount of chocolate and lollies they purchased. Confectionary was second only to meat in what people were forgoing in order to save money.

“We know the cost of groceries, gas, and electricity are all on the rise,” Compare the Market’s Phillip Portman said at the time.

“After 10 consecutive rate rises, mortgage repayments and rental payments have increased for many households.

“So, for many homes, the candle is being burned at both ends, which is why we can see many Aussies ditching meat and sweet treats to save money.”