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Cocoa got cheaper, Easter eggs didn't: how four countries tracked chocolate prices

Cocoa prices have fallen sharply, yet chocolate for Easter 2026 still costs more. Axios reported that cocoa dropped from over $12,000 per metric ton in late 2024 to roughly $3,000–$3,300, but chocolate cost US shoppers about 14% more year over year in early 2026, according to Datasembly. The reason, it said, is timing: the candy was made months ago, and Hershey and Mondelez say they are hedged above current cocoa prices. The National Retail Federation expects record Easter spending of $24.9 billion.

In Britain, Which? found prices per gram up 25% to over 60% on Easter treats as eggs shrank. A Galaxy extra large egg at Asda went from £4.98 for 252g to £5.97 for 210g, a 44% rise per gram.

"Manufacturers are quietly giving shoppers less for more." — Reena Sewraz, via Which?

Australia's CHOICE said Cadbury Easter treats shrank for a second year in a row, with its hunting-egg pack now costing almost 73% more per 100g than two years ago. In Germany, IamExpat cited the Hamburg consumer association: chocolate bunnies cost 25% more than in 2025, while a 50g Aldi bunny kept the same price.

How each outlet framed it

• Axios — why shelf prices lag behind falling cocoa costs.
• Which? — shrinkflation in named eggs at named supermarkets.
• CHOICE — a second year of smaller, dearer Cadbury packs, and a possible shrinkflation notice rule.
• IamExpat — the German bunny index, brand by brand.

What we don't know yet: When prices will follow cocoa down. Wells Fargo's David Branch told Axios lower prices could come later in the year, "hopefully in time for Halloween", but others expect them to stay high through 2026. Which? advises checking the price per 100g on the shelf label.