Well, it’s almost that time of year again. Except this year, people may have to prepare for a different type of hunt—hunting for bargains on overpriced chocolate eggs.
New consumer group research Which? found Prices for Easter eggs – the main attribute of the holiday – have soared to astonishing levels.
Prices for popular brands of chocolate in the UK have risen by around 50% (or more) compared to just a year ago.
Take, for example, the famous Lindt Five Gold Bunny milk chocolate. It’s almost 56% more expensive at Asda this year compared to 2023, and a large bag of Cadbury Mini Eggs is 46% more expensive at Ocado. The worst example, according to Which? According to the data, it is Maltesers Truffles Luxury East Egg, whose price at Waitrose has increased by 62.5% compared to last year.
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Based on what? According to the analysis, chocolate inflation was 12.6% compared to last year, well above the average inflation of 5.6% in supermarket food and drink departments.
Some chocolates also became smaller, signaling “shrinkflation.” For example, Which one? found that the Terrys Chocolate Orange Easter egg with mini eggs has decreased from 230g to 200g over the past year.
“We are trying to find ways to cover rising costs of raw materials and operations as we know the rising cost of living has impacted both consumers and businesses across the UK,” Mars Wringley UK, which makes Maltesers, said. Luck in the statement.
“Reducing the size of some of our products while increasing prices is a decision we have not made lightly, but is necessary to ensure customers can still enjoy their favorite Easter eggs without compromising quality or taste.”
For your Which? compared chocolate prices across major UK supermarkets between February 2023 and 2024, excluding multi-purchase and loyalty program offers.
Inflation has been a major issue in the minds of British consumers, but egg inflation offers a new twist to the story. Cocoa prices have skyrocketed recently due to unfavorable weather conditions and low yields. Cocoa futures, a measure of the key ingredient’s future value, have risen 40% since Valentine’s Day alone. last month. They hit a 65-year high of $5,798 a tonne in February. This ultimately impacts the price of the chocolate you see in stores today and marks a continuation of increased price increases. Prices I saw it last Easter.
People like Lindt point out that increasing costs for customers comes through higher prices, a strategy that several other food and drink brands have resorted to. This sharp turn since COVID-19, when chocolatiers offered deep discounts to attract more consumers.
This was announced by a representative of Lindt & Sprüngli. Luck that the company has made a “concerted effort to offset these increased costs through improved production efficiencies, cost savings and a forward-thinking purchasing strategy.” As a result, raw material costs forced the company to “increase prices for our customers and in our direct business.”
Ferrero declined to comment and representatives for Cadbury and Terrys have been approached for comment.
On the other hand, inflation in the UK is falling. It fell to 3.4% earlier this week, down from 4% in January, but above the Bank of England’s target of 2%. Large supermarket chains such as like Aldi, tried to keep prices low on their part. Waitrose told Which? that prices at its stores were already lower than the prices in the consumer group’s report.
Could this mean less crazy Easter egg prices next year? It’s a mystery we’ll have to wait another year to solve.