Yahoo Finance Iconic chocolate to double in price in 'bonkers' cost of living move
Cadbury will double the price of Caramello Koalas and Freddo Frogs.
Not even the humble Freddo Frog or Caramello Koala are immune to the rising cost of living. Cadbury has announced it is doubling the price of the iconic chocolates.
The sweet treats have been $1 for over a decade. But now chocolate lovers will need to fork out $2.
"Due to the record global price of cocoa, and increased input costs, we have adjusted the RRP from $1 to $2, the first price change in over a decade," Cadbury said.
The chocolate brand made the announcement on social media, but has not allowed comments on the post.
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That hasn't stopped Australians reacting, with some describing the move as "outrageous".
"You know the world has gone bonkers when a good old Freddo Frog is now $2," one said.
"More reason for me to leave them on the shelf! Half the size triple the price," added another.
Cadbury aren't wrong that the price of cocoa has gone up.
At the start of the year, cocoa was trading around US$4,238 per tonne.
That's gone up to $8,472, according to the Intercontinental Exchange.
The seed can only be grown in particular climates, and the Ivory Coast, Nigeria, Cameroon and Ghana produce 70 per cent of the world’s supply.
The alarm was sounded in October last year that the first quarter of 2024 would have dramatically lower exports because of “erratic weather conditions” as well as a “fungal disease” that has been affecting the cocoa trees. Shipments were expected to fall by 28.5 per cent compared to the previous year.
The price of share bags won't be impacted. Cadbury hasn't advised of price hikes on any other products.
"We appreciate your understanding and continued support as we strive to deliver the high-quality chocolate you love, made with the best local ingredients," Cadbury said.
