Swiss chocolate faces soaring cocoa prices

New York cocoa prices on last Tuesday cracked an all-time peak above $10,000 on stubborn supply fears, further stoking worries about the elevated cost of Easter eggs and other chocolate treats. The commodity, which is mostly used to make chocolate, zoomed as high as $10,080 per tonne to extend its record-breaking run.

The most-traded cocoa contract later stood at $9,767 at about 1600 GMT, as poor harvests in producing countries sparked shortage woes. London cocoa prices meanwhile vaulted Tuesday to a new historic pinnacle of £8,682 per tonne. The rocketing cocoa market has sparked worries over the knock-on impact on the price of chocolate, at a time when the world's major economies are already grappling with elevated inflation.