In the past year, the price of chocolate has increased by up to 40 per cent, due to the rising cost of cocoa.

Low supplies from the Ivory Coast and Ghana, which together produce almost 60 per cent of the world's cocoa beans, is the cause of the price hike.

The situation, said Rabobank International general manager Goh Chong Theng, is likely to continue in the foreseeable future 'if the difference between supply and demand remains wide'.

He added that many growers 'have switched to more lucrative crops that are easier to grow compared to cocoa', which is 'very sensitive to changing weather'.

Read the full report in Thursday's edition of The Straits Times.