Cocoa prices have more than doubled over the past two years due to poor weather and disease in West Africa, which supplies more than 70% of the world’s cocoa. Cocoa futures, which are binding contracts for a specific quantity of cocoa, stood at $7,380 per metric ton on Wednesday, according to the International Cocoa Organization, which releases a daily average of prices in London and New York. That’s down from December’s peak of $11,984, but it’s still 121% higher than two years ago. And the situation remains volatile. According to the International Cocoa Organization, prices surged in early June on concerns about production in Ivory Coast but eased on optimistic forecasts for production in Ghana and Latin America. They rose again in late June after heavy rains in West Africa, which could worsen the outbreak of diseases that harm crops. Meanwhile, prices have been rising on store shelves. The average unit price of a chocolate bar in the U.S. in July 2021 was $2.43, according to Nielsen IQ, a market research company. As of last week, it was $3.45, a 41% increase. Tariffs could also impact U.S. prices. President Donald Trump threatened a 21% tariff on cocoa and other products from Ivory Coast in April, for example, but then paused the tariffs’ implementation. The National Confectioners Association is asking the Trump administration to protect cocoa from tariffs. The group says the U.S. imports nearly $4.4 billion in chocolate, cocoa and candies each year, and the association's members export nearly $2 billion in American-made chocolates and candy annually.