Well, it’s almost that time of year again. Except this year, people may need to prepare for a different kind of hunt: finding good deals on overpriced chocolate eggs.
A new survey conducted by consumer group Which? they found that prices of Easter eggs, a staple of the holidays, have risen to attractive levels.
Among the most popular brands in the UK, the price of chocolate has increased by around 50% (or more) compared to just a year ago.
Take the iconic Lindt Five Gold Bunny milk chocolate, for example. This year it costs almost 56% more at Asda than in 2023, while the Cadbury Mini Eggs Large Pouch is 46% more expensive at Ocado. The worst example, according to Which? data, was the Maltesers Truffles Luxury East Egg, which saw a 62.5% year-on-year price increase at Waitrose.
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Based on which? From the analysis, chocolate inflation stands at 12.6% compared to last year, far exceeding the average inflation of 5.6% in the food and drink departments of supermarkets.
Some chocolates have also become smaller, ringing the bell of “shrinkflation.” For example, Which? found that Terry’s Chocolate Orange Easter Egg with Mini Eggs has shrunk from 230g to 200g in the last year.
“We have been trying to find ways to absorb the increased costs of raw materials and operations, as we know that the rising cost of living has impacted both consumers and businesses across the UK,” Mars said Wringley UK, which produces Maltesers. Fortune in a statement.
“Reducing the size of some of our products, while increasing prices, is not a decision we have made lightly, but it is necessary so that shoppers can still enjoy their favorite Easter eggs without compromising quality or taste.”
For his survey, Which? compared chocolate prices between February 2023 and 2024 across major UK supermarkets, excluding multiple purchases and loyalty scheme offers.
Inflation has been a major concern on the minds of UK consumers, but eggflation offers a new twist to the story. In recent times, cocoa prices have skyrocketed due to unfavorable weather conditions and low yields. Cocoa futures, a measure of the future value of the key ingredient, have risen 40% just since Valentine’s Day last month. In February they reached a 65-year high of $5,798 per ton. This ultimately affects the price of the chocolates you see in stores today and marks a continuation of the high prices seen last Easter.
People like Lindt have highlighted how increased costs are passed on to customers through price increases, a strategy that many other food and drink brands have resorted to. It’s a sharp turnaround from the times of COVID-19, when chocolatiers offered big discounts to attract more consumers.
A spokesperson for Lindt & Sprüngli said this Fortune that the company has made “a concerted effort to offset these increased costs through manufacturing efficiencies, cost savings and a forward-thinking purchasing strategy.” Raw material costs have forced “to increase prices for our customers and in our direct trade”.
Ferrero declined to comment and representatives from Cadbury and Terrys have been contacted for comment.
On the bright side, inflation in the UK has eased. Earlier this week, it fell to 3.4% from 4% in January, but still above the Bank of England’s 2% target. For their part, large supermarket chains, such as Aldi, have tried to keep prices low. Waitrose said Which? that the prices in her stores were already lower than the prices indicated in the consumer association report.
Could this mean less crazy Easter egg prices next year? This is a mystery we will have to wait another year to unravel.