Chocolate truffles are prepared and packaged at Katherine Anne Confections, an artisanal chocolate shop and cafe in Chicago. Photo: Scott Olson/Getty Images
The price of Valentine's Day chocolatesis especially bitter this year, Nathan writes.
State of play: Cocoa futures "have skyrocketed," doubling over the last 12 months, CNN reports.
Between the lines: "Climate issues in West Africa – home to more than 60% of global cocoa production — are damaging crop yields, constraining cocoa supply and causing prices to soar," according to CNN.
Candymaker Hershey is cutting up to 5% of its workforce as the increased cocoa prices undermine its profitability, Reuters reported.
What they're saying: "Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," Hershey CEO Michele Buck told investors on Thursday.
💠Nathan's thought bubble: I've been trying to cut down on sugar lately — little did I know that this would amount to a savings plan, too.
