We have seen the rise of fuel prices affect fuel prices, increased supermarket prices and much more. Unfortunately, Easter Eggs have also been hit, with a 32% price spike since January.
The Firetrail Chocolate Index, prepared by funds manager Firetrail Investments, has revealed that the cost of core ingredients found in Easter Eggs, such as cocoa and milk, has increased, resulting in the spike.
Head of investment strategy at Firetrail, Anthony Doyle, said, “With all the talk about rising commodity prices and food inflation, spare a thought for the Easter bunny this year.”
“Class IV milk, which is used to produce butter and milk powder, has risen by 67 per cent to around $US25 per hundredweight. Class IV milk prices are now at record highs. Raw sugar has risen from $US15.75 to $US20.31 per pound, while the price of cocoa has risen from $US2,472 per metric ton to $US2,667.”
Around 80% of families are planning to get into the Easter spirit by buying up chocolate, with supermarket chain Coles expecting to sell more than 15 million Easter Eggs chocolates and 8 million bunnies this year.