Prices of some chocolate products have risen by 50 per cent in a year while many have also shrunk in size, states a recent report, raising the concern of shrinkflation among shoppers ahead of Easter celebrations.
The latest report by Which?, the price of eggs made by big names including Cadbury, Mars and Terry’s have risen by as much as 50 per cent in some cases while some have also shrunk in size, according to research by consumer champion Which?.
While official figures published on Wednesday showed inflation slowing to 2.8 per cent in February, a breakdown of the headline figure shows food prices rose 3.3 per cent with the cost of chocolate raced higher, up by a massive 16.5 per cent.
Chocolate has been getting more expensive for several years due to poor harvests in west Africa, in particular Ghana and Ivory Coast, where more than half of the world’s cocoa beans are harvested.
The recent analysis by Which? shows that in one of the discounters, the cost of Terry’s Chocolate Orange mini eggs has risen from 99p to £1.35, while its packet is now reduced from 80g to 70g.
At a supermarket, the price of a Cadbury Creme Egg 5 Pack Mixed Chocolate Box 200g has risen from £2.62 in the run-up to Easter 2024 to £4 this year, equating to 53 per cent price increase per 100g year on year.
On the other hand, Nestlé’s KitKat Chunky milk chocolate Easter egg stayed at the same price in the run-up to Easter year on year at £1.50 but reduced in size from 129g to 110g, making it 17 per cent more expensive per 100g.
Addressing the claims, Mars Wrigley said that, due to rising manufacturing costs, it had adjusted some of its product sizes to minimise changes to its list price.
Nestlé said significant increases in the cost of cocoa had made it much more expensive to manufacture its products and it has “sometimes been necessary to make adjustments to the price or weight of some of the products”.
