"Chocolate Prices Rise One After Another Ahead of Valentine's Day"

Prices Increase by 10-20% by Item

A large supermarket in Seoul is selling Valentine's Day products.

In recent years, chocolate prices have remained relatively stable, but ahead of this year's Valentine's Day, prices have been rising one after another.

According to Korea Price Information, a price research organization, the price of Lotte Ghana Chocolate increased by 20%, from 1,000 won last year to 1,200 won this year. This is due to the COVID-19 pandemic, the Russia-Ukraine war, and a severe drought in West Africa, which accounts for nearly 70% of the world's cocoa production, causing a sharp decline in output.

Making chocolate requires various ingredients such as sugar, butter, milk, and palm oil, all of which saw price increases last year. Since most of these ingredients are imported, South Korea is inevitably more affected.

Lee Dong-hoon, a senior researcher at Korea Price Information, said, "Every February, chocolate products see a surge in popularity due to the Valentine's Day special, and with prices expected to rise further, consumers' financial situations are likely to become even more difficult."