The historic rise in cocoa prices has reached new levels, with prices for cocoa beans on the New York Mercantile Exchange reaching $5,874 per ton this week. The climb in cocoa prices is directly linked to a drought that has devastated cocoa producers in Ghana and Ivory Coast. In the past year alone, cocoa prices have doubled due to the struggling cocoa producers. As a result, the price of chocolate products, which rely heavily on cocoa, are increasing worldwide.
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