Bittersweet news for Valentine's Day: Cocoa prices going up
CHICAGO (CBS) -- It's the news no one wants to hear before Valentine's Day.
Not that your beloved is cheating on you -- but worse -- the price of chocolate is going up.
That may very well be the case as the key ingredient to make it has soared to a historic high and it's putting the squeeze on local chocolate makers.
Call it a match made in heaven: Chocolate and Valentine's Day has outlasted nearly every relationship out there. It's no surprise why roughly 36 million of those heart-shaped boxes of chocolate are sold every year.
"It is exciting. Not only are we working long hours, but we are making people very happy."
It's crunch time for Chef Uzma Sharif at her shop Chocolat Uzma in Pilsen which specializes in unique sweets that pay homage to her South Asian roots.
The job, although quite sweet, has become challenging as Sharif and other chocolatiers deal with the impact of inflation.
"We ended up stocking up, six months to eight months as much as we could get from our vendors at the same price. And then after six, eight months when our stock is depleted we're gonna have to raise prices," Sharif said.
The result of what experts said is extreme weather due to climate change that has devastated crops, particularly in West Africa, home to more than 60% of global cocoa production.
"Companies like Nestle, Mars, and Cadbury, all brands where we've seen prices go up."
According to Josh Knauer, a former Obama administration advisor on science and technology and the co-founder of Reseed, a carbon solution provider, the problem will only get worse if climate change isn't addressed on a global level.
"Food systems globally are in crisis right now as a result of this," Knauer said. "Smallholder farmers are the unsung heroes in the fight against climate change."
For Sharif, the future looks sweet, but it may be bitter.
"At some point, the price is going to go up. we could only deplete Mother Nature for so long.