Even the humble Caramello Koala and Freddo Frog aren’t immune to the rising prices.
In response to the high cost of living, chocolate giant Cadbury has decided to double the price of its iconic products.
The company explained that the price increase is due to the increased input costs and the record global prices of cocoa.
Although the company made the announcement on its social media platforms, it has not allowed any comments on the post.
Australians have called the price hike outrageous. One person stated that they decided to leave the Freddo Frogs on the shelf due to the situation.
Another person stated that the price of half the size of the chocolate has tripled.
Despite the company’s claims, the Intercontinental Exchange noted that the price of cocoa has increased significantly.
According to the exchange, the average price of a tonne of cocoa has gone up to $8,472.
The four countries that produce the majority of the world’s supply of cocoa are Ghana, Nigeria, Ivory Coast, and Cameroon.
In October last year, it was reported that the 2019 first quarter of the cocoa industry would be significantly lower due to the various factors that affected the supply of the commodity.
These include the emergence of a fungal disease affecting the trees, and unpredictable weather conditions.
In response to the rising prices, Cadbury noted that it would not be increasing the price of its share bags.
The company also said that it would not be raising the prices of other products.