As Good Friday arrives, shoppers hunting for Easter eggs may notice they are paying more for smaller treats. This phenomenon, known as shrinkflation, has hit the chocolate industry hard due to a combination of cocoa shortages, climate shocks, and global conflicts.
Consumer affairs correspondent Zoe Wood explains that cocoa prices surged dramatically, peaking at nearly £9,000 per tonne in 2024, compared to around £2,500 today. The climate crisis has severely impacted harvests in West Africa, particularly Ghana and Côte d'Ivoire, which produce about 70% of the world's cocoa. Heat, disease, and unusual rainfall have led to falling production and a cocoa shortage.
Shrinkflation is evident in products like a Galaxy milk chocolate extra large Easter egg, which cost £5.97 for 210g in Asda this year, versus £4.98 for 252g last year—a 44% increase in price per 100g. Some manufacturers have even switched to alternatives like palm or shea oil, producing 'chocolate-flavoured' items that can no longer be labelled as chocolate.
Despite cocoa prices falling from their peak, the cost of chocolate may not drop soon. Companies bought cocoa in advance on contracts, and there is an 18-month lag before price changes fully feed through. Energy shocks from the Ukraine war and Middle East conflicts have also contributed to rising costs.
The price of a Freddo, a popular chocolate bar, has become a shorthand for inflation, rising from 10p in 2010 to 35p last year. Wood notes that groceries are a universal measure of the cost of living, making chocolate a visible symbol of inflation. As Easter approaches, consumers are left grappling with the reality of paying more for less.
