Cocoa prices have fallen sharply from last year’s records, but consumers still face higher Easter chocolate prices, a recent Wells Fargo report said.
According to analysis by CouponFollow, the cost of a full Easter basket has jumped 71% over the past five years, with about three-quarters of that increase coming from candy. In addition, major chocolate companies raised prices by up to 20% during the 2024-2025 cocoa boom, the Wells Fargo report added.
Even though cocoa prices have fallen, Easter chocolate remains expensive.
Here’s why chocolate prices aren’t going down
Cocoa, a key raw material for chocolate, has seen prices fall from over $12,000 per metric ton at the end of 2024 to around $3,000-$3,300 currently. However, by early 2026, chocolate is costing customers 14% more year-on-year, according to Datasembla data.
This is mostly because once food companies push prices higher, they tend to lower them slowly, even as input costs fall. There are a number of reasons for this.
Most of the Easter candy was made months earlier when cocoa was still much more expensive, and chocolate makers are also still using the more expensive cocoa they blocked earlier, and are therefore still struggling to protect margins after the recent price shock.
Executives at companies like Hershey and Mondelez say they remain hedged on current cocoa prices, limiting how quickly they can pass on savings, the Axios report said.
Jonathan Horn, CEO of Treefera, tells Axios: “What we’re seeing in the US, including higher prices, smaller sizes and less cocoa in some products, reflects longer-term adjustments.” He goes on to add that prices are “likely to remain high through 2026 and could rise further if supply expectations do not hold.”
Will prices go down?
Yes, prices will drop, but not immediately.
Supply is improving, with a modest global surplus expected this year, and Wells Fargo’s David Branch predicts consumers may see lower chocolate prices later this year, “hopefully in time for Halloween.”
All about Easter Sunday
Celebrations on this day bring together friends, family and traditions. Celebrated with pomp and vigor around the world, Easter falls on Holy Week. Palm Sunday, March 29, began this festive week, followed by Maundy Thursday and Good Friday commemorating the crucifixion and death of Jesus. The events of this week eventually lead to the Easter holiday, which falls on the first Sunday after the Easter full moon.
The date of Easter is not fixed like Christmas. It changes every year and is determined by the lunar calendar. Easter usually falls between late March and April and is observed on the first Sunday after the full moon after the vernal equinox.
