CNN —
Cocoa prices are surging so high that even the biggest chocolate makers are struggling to stay profitable. That doesn’t portend well for your wallet this Valentine’s Day.
Last Thursday, Hershey Co. said it would cut 5% of its workforce after historic cocoa prices and inflation-weary consumers dampened fourth quarter earnings.
Climate issues in West Africa – home to more than 60% of global cocoa production – are damaging crop yields, constraining cocoa supply and causing prices to soar.
Cocoa futures have skyrocketed, doubling in the past year and surging 40% since
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