This Easter, UK shoppers are facing a stark reminder of inflation as chocolate eggs shrink in size while prices rise. A Galaxy milk chocolate extra large egg now costs £5.97 for 210g at Asda, compared to £4.98 for 252g last year—a 44% increase in price per 100g. This phenomenon, known as shrinkflation, is particularly acute in the chocolate market due to a series of economic and environmental shocks.
Cocoa prices have experienced extreme volatility. In 2024, the price per tonne peaked at nearly £9,000, driven by poor harvests in West Africa, where climate change has caused heat, disease, and unusual rainfall. Ghana and Côte d’Ivoire, which produce about 70% of the world’s cocoa, saw falling output, leading to shortages. Although prices have since dropped to around £2,500 per tonne, the effects are delayed, with an 18-month lag as manufacturers work through contracts made at higher prices.
Consumer affairs correspondent Zoe Wood explains that the surge in cocoa costs, combined with energy shocks from the Ukraine war and Middle East disruptions, has made shrinkflation persistent. “What you’ve had is a huge spike in cocoa costs,” she says. “There’s about an 18-month delay before price changes fully feed through.” Some manufacturers have even switched to alternatives like palm oil, producing “chocolate-flavoured” products that cannot legally be called chocolate.
The Freddo, a popular chocolate bar, has become a shorthand for inflation, rising from 10p in 2010 to 35p last year. Grocery prices are a universal concern, making chocolate a visible symbol of the cost-of-living crisis. Despite a recent fall in cocoa prices, shoppers may not see immediate relief, as retailers and producers adjust slowly.
