Chocolate prices set to climb as cocoa hits record high

Chocolate prices are being tipped to soar after cocoa hit a new record overnight due to the impact of the El Nino weather system. Cocoa is the main ingredient in chocolate and the price hit $5,874 (£4,655) a ton on Thursday as a dry harvest hit the harvest in key growing areas in West Africa. US-based chocolate maker Hershey warned yesterday the soaring cost of cocoa would hit its earnings this year while giving no assurances about prices. "We can't talk about future pricing" chief executive Michele Buck sa ...