As Easter approaches, stores are stocking their shelves with chocolate enthusiasts' favourite sweet treat, the cocoa-based confection at the centre of this festive season.
Cocoa contracts — the world benchmark for the global cocoa market — last week reached an unprecedented $7,060 per metric ton, doubling since November and surpassing the record highs of $3,830 in 2011 and $5,110 in 1977. Despite the rising cost of chocolate, Charlebois said global demand for cocoa remains high as chocolate gains popularity in the emerging middle class of fast-growing economies, while speculative trading further inflates prices.Consumers are already feeling the impacts of these challenges as manufacturers, retailers and chocolatiers pass down their increased costs.
In the case of chocolate, Charlebois said "skimpflation" involves replacing cocoa with artificial flavours and other novel ingredients, subtly altering ingredient lists without most consumers noticing. Skimpflation is harder to trace and presents a new challenge for discerning consumers.Thanks to the damage caused by black pod disease to trees in the Ivory Coast and Ghana, Charlebois said he, like Roberts, doesn't expect the price of cocoa to return to normal any time soon.
"As consumers in Canada we're spoiled," Charlebois said. "We import food from all over the world without really thinking twice about it. But now I think that people need to understand the global risks related to producing food, no matter where it's from."MPs will have another chance to question the people behind the main contract for the ArriveCan app at a House committee meeting today.
A commercial rocket trying to put a satellite into orbit was intentionally exploded shortly after liftoff Wednesday morning in central Japan following a problem that's still under investigation.The United States is spearheading the first United Nations resolution on artificial intelligence, aimed at ensuring the new technology is 'safe, secure and trustworthy' and that all countries, especially those in the developing world, have equal access.
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