Cocoa costs are high, Nestle USA will increase the prices of some chocolate products in June.

Due to the impact of commodity costs, Nestle USA will increase the prices of some chocolate products. According to a memo, Nestle's USA division will raise the prices of its Toll House chocolate, baking cocoa, and candy kits starting from June 23. Although overall food inflation in the US is slowing down, prices of categories such as chocolate continue to rise. Cocoa futures hit a historical high at the end of last year due to tight supply, pushing up retail prices and dampening consumer purchasing willingness. New York cocoa futures soared to nearly $13,000 per ton last year due to crop failures in West Africa, reaching historical highs, and although prices have fallen by 30% from their peak, they are still far higher than historical levels. Arabica coffee futures also hit record highs earlier this year due to a drought in Brazil.