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Price of chocolate set to rise

July 23rd, 2010

The price of chocolate is probably going to experience a huge hike after a large number of the world’s cocoa beans were speculatively bought out.

Prices have been driven up to their highest level since 1977 after a £658 million deal for 440,000 tonnes of cocoa was mooted.

The International Cocoa Organisation said: “Almost all chocolate companies have increased prices in the past two years.”

Deborah Doane, director of the World Development Movement, said: “Investment banks, like Goldman Sachs are making huge profits by gambling on the price of every day foods. But this is leaving people in the UK out of pocket and the poorest people in the world are starving.”

Recently, Nestle announced it would be launching a new variant of its famous Milkybar brand but with a twist – it is being aimed primarily at adults.

A new raisin and biscuit version of the children’s favourite will be produced at York’s Nestle factory.

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