Cadbury Australia has doubled the price of its Freddo Frogs and Caramello Koalas chocolates after a surge in cocoa prices, the first time the company has adjusted the cost of the products in over a decade.
The chocolate maker raised the recommended retail price to A$2 ($1.32) from A$1, citing “the record price of cocoa, and increased input costs”, according to a post on Instagram from the company on Friday.
Cocoa futures in New York rallied to a record this year after disease and bad weather combined to send the global market into another year of shortages. Earlier this month, Hershey Co. cut its sales and earnings outlook as shoppers continued to shun purchases of higher priced chocolates.
Cadbury is owned by Oreo-maker Mondelez International Inc., which has projected cocoa prices will fall. –BLOOMBERG