Chocolate bars will become noticeably more expensive in 2024.

According to Bloomberg, poor weather conditions in Côte d'Ivoire and Ghana (the world's largest cocoa producers) are leading to lower yields, reduced supplies, and rising prices.

"The market does not seem convinced that production will recover enough to avoid a supply deficit in 2023/24," note analysts at ADM Investor Services Inc.

Cocoa futures in New York rose by 1%, exceeding $4,000 per ton for the first time in 45 years.

Weather changes caused by El Niño are only worsening the situation, and the impact will be strongly felt in developing countries. Most likely, 2024 will be a deficit year in terms of food supply.