The price of cocoa, a key ingredient in making chocolate, has increased. As a result, people can expect to pay around 10 to 20 percent more for chocolate compared to last year. Cocoa prices hit a record high in December at nearly $13,000 per metric ton.

Cocoa production has been hammered in back-to-back crop years due to weather and crop conditions,. forcing many manufacturers to raise the costs of chocolates.