Worldwide cocoa bean shortage could mean higher chocolate prices
(WJLA) - Chocoholics around the world, take note. Your vice may be running low.
For the second straight year, the cocoa industry is facing a bean shortage. Thanks to dry weather in west Africa, where one of the world's largest concentration of cacao trees is located, the beans that go into making chocolate are running short.
Analysts say that the 160,000-ton shortage is expected to boost costs for both European and American chocolate makers.
Farmers are also choosing more lucrative crops rather than harvesting cocoa beans, driving the shortage further.