Cocoa Prices Drop, But Chocolate Costs Remain High for Valentine's Day

Chocolate lovers may not see savings this holiday despite falling cocoa prices.

Published on Feb. 14, 2026

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Cocoa prices have fallen nearly 70% since last Valentine's Day, but that won't make heart-shaped boxes of chocolates or chocolate bunnies any cheaper for consumers this year. Chocolate makers and retailers say they are still dealing with high costs for labor, transportation, and other ingredients that will keep prices elevated for the holiday.

Why it matters

Cocoa is a major ingredient in chocolate, so a drop in its price is usually passed on to consumers in the form of lower chocolate prices. However, the chocolate industry is facing a range of other cost pressures that are offsetting the cocoa price decline, meaning shoppers likely won't see significant savings on Valentine's Day treats.

The details

Cocoa futures have fallen from around $2,800 per metric ton last February to just $900 per ton currently, a nearly 70% decline. But chocolate makers say other costs, including for labor, packaging, and ingredients like sugar and milk, have continued to rise. As a result, they say they have no plans to lower prices for Valentine's Day, one of the biggest sales periods of the year for the industry.

  • Cocoa futures were around $2,800 per metric ton last February.
  • Cocoa futures are currently around $900 per metric ton, a nearly 70% decline.

The players

Laurie Robinson

A resident who has lived in the same house in Danbury, Connecticut for almost her entire life.

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The takeaway

While cocoa prices have plummeted, the chocolate industry's other rising costs will prevent those savings from being passed on to consumers this Valentine's Day. Shoppers are likely to see little relief in chocolate prices despite the cocoa market's sharp decline.