Follow the money: Why does chocolate cost so much?

The El Nino in 2023 had a detrimental impact on the cocoa harvest in West Africa, prices quadrupled and businesses reacted.

Chocolate prices skyrocketed around the world, chocolate makers were reducing their cocoa content and in some cases making their products smaller.

Since then cocoa prices have come back down, but the cost of chocolate products hasn't followed, Hannah Mullane takes a look at why.

Now, the 2026 El Nino threatens to repeat history, cocoa prices have already started rising again as bad weather is expected to impact the next harvest.

Farmers, wholesalers, and chocolate makers explain how the volatile market is impacting them.

(Photo: A large machine mixing molten chocolate. Credit: Olivia Richwald)

Presenter: Hannah Mullane
Producer: Gideon Long