Data Visualization & Insights: Cocoa Crisis - Unwrapping the Price Surge

Cocoa prices recently surged past $10,000 per metric ton for the first time, more than doubling January's $4,200 level and nearly quintuple March 2023's $2,927. This increase was driven by adverse weather conditions and heavy rains in West Africa, which negatively impacted crop yields and spread black pod disease. However, prices have started to decline due to improved weather conditions in West Africa and cautious buying from chocolate producers.