Well, it’s nearly that time of year once again. Except this year, people may have to brace themselves for a different type of hunt—finding good deals on overpriced chocolate eggs.
A new survey by consumer group Which? found the prices of Easter eggs—a central fixture of the holiday—have soared to eye-watering levels.
Across popular brands in the U.K., the price of chocolate is up about 50% (or more) compared to just a year ago.
Take the iconic Lindt Five Gold Bunny Milk Chocolate, for instance. It’s almost 56% more expensive this year at Asda compared to 2023, while the Cadbury Mini Eggs Large Pouch is 46% pricier in Ocado. The worst example, per Which? data, was the Maltesers Truffles Luxury East Egg, which saw a 62.5% year-over-year price increase at Waitrose.
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Based on Which? analysis, chocolate inflation stands at 12.6% compared to last year—far outpacing the average 5.6% inflation in the food and drink departments at supermarkets.
Some of the chocolates have also gotten smaller, ringing “shrinkflation” bells. For instance, Which? found that Terrys Chocolate Orange Easter egg with Mini Eggs have shrunk from 230g to 200g in the last year.
“We have been trying to find ways to absorb the rising costs of raw materials and operations, as we know the increase in the cost of living has impacted both consumers and businesses across the U.K.,” Mars Wringley U.K., which makes Maltesers, told Fortune in a statement.
“Reducing the size of some of our products, whilst raising prices, is not a decision we have taken lightly but it is necessary for shoppers to still be able to enjoy their favourite Easter eggs without compromising on quality or taste.”
For its survey, Which? compared the prices of chocolates between February 2023 and 2024 across mainstream supermarkets in the U.K., excluding multibuys and loyalty program deals.
Inflation has been a major concern in the minds of U.K. consumers—but eggflation offers a new twist to the tale. In recent times, cocoa prices have skyrocketed due to unfavorable weather conditions and low yield. Cocoa futures, a measure of the key ingredient’s future value, have gone up 40% just since Valentine’s Day last month. They touched a 65-year high of $5,798 per metric tonne in February. That ultimately impacts the price of chocolates you see in stores today, and marks a continuation of the elevated prices seen last Easter.
The likes of Lindt have remarked about passing on an uptick in costs to customers through price increases—a strategy that several other food and beverage brands have resorted to. It’s a sharp reversal from COVID-19 times, when chocolatiers were offering big discounts to lure more consumers.
A spokesperson at Lindt & Sprüngli told Fortune that the company has made “concerted effort to compensate for these increased costs through manufacturing efficiencies, cost savings and a forward-looking purchasing strategy.” The raw material costs have resulted have forced it “to increase prices for our customers and in our direct business.”
Ferrero declined to comment, and representatives at Cadbury and Terrys were contacted for comment.
On the bright side, U.K. inflation has been easing. Earlier this week, it slipped to 3.4% compared to 4% in January, yet, higher than the 2% Bank of England target. Big supermarket chains, such as Aldi, have tried to keep prices low on their part. Waitrose told Which? that the 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? That’s a mystery we’ll have to wait another year to unwrap.
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