Cocoa prices have skyrocketed to new levels, outpacing bitcoin and some precious metals in value growth. The surge reached its peak just before Valentine’s Day, with prices topping $10,000 per metric ton. This marked a significant jump from the 1977 record of $5,400. This increase has added a premium to chocolate products, including seasonal items like Easter bunnies.

The primary cause of this price surge is a supply deficiency, due to adverse weather conditions and climate change impacts in West Africa, the world’s leading cocoa-producing region. This has led to consecutive years of reduced harvests, urging prices upward as manufacturers and retailers grapple with the rising costs.

The supply crunch is exacerbated by the challenges of ramping up production in other regions. The global cocoa supply is projected to decline by nearly 11%. Speculative trading has further inflated prices, suggesting that high cocoa costs may persist.

Chocolate makers are adapting by increasing prices and downsizing their products. As a result, consumers are facing higher prices for chocolate goods. Nonetheless, chocolate remains a sought-after indulgence.

This situation underscores the urgent need for sustainable cocoa farming practices to ensure stable supply and fair compensation for growers.

Trader Joe’s has increased the price of its iconic 19-cent bananas to 23 cents. After more than two decades of price stability, this 20% hike reflects rising costs that are being felt across the nation.

While food inflation has been somewhat moderated, the impact on household grocery bills remains tangible. Trader Joe’s 19-cent banana has long stood as a testament to the store’s commitment to affordability, earning it the title of customers’ favorite produce item. Bananas, in general, have been an economical choice for Americans, thanks to competitive market dynamics and their role as a “loss leader” to attract shoppers.

While the Bureau of Labor Statistics notes that banana prices have remained fairly consistent at 62 to 64 cents a pound from February 2023 to February 2024, the World Banana Forum has issued warnings about potential price increases due to climate change. Nonetheless, Trader Joe’s has managed to reduce prices for other products, like almonds and bell peppers, showcasing its effort to balance affordability with cost pressures.

On his podcast, Inside Trader Joe’s, former CEO Dan Bane recounted the conversation that inspired him to sell individual bananas. Bane asked an elderly customer why she decided not to purchase a bag of bananas, and she responded, “Sonny… I may not live to that fourth banana.” The store has sold bananas individually from that day on.

The United States is celebrating the inauguration of its first commercial-scale offshore wind farm. This marks a significant milestone in the nation’s journey towards sustainable energy. Located east of Montauk Point, New York, the South Fork Wind farm was developed by Danish energy giant Ørsted and utility company Eversource. It comprises 12 turbines, capable of transforming wind into clean electricity. In a ceremony on Long Island, New York, Governor Kathy Hochul symbolically activated the wind farm, signifying a giant leap forward in clean energy production.

This pioneering project showcases America’s commitment to combating climate change, and sets the stage for the expansion of offshore wind energy, which is essential for achieving a carbon-neutral future. The Biden administration has already endorsed six commercial-scale offshore wind initiatives and has introduced new offshore wind lease areas, underscoring their determination to embrace renewable energy.

South Fork Wind’s 132 megawatts of capacity will power over 70,000 homes. Governor Hochul emphasized the historic significance of this achievement, envisioning it as a turning point that future generations will remember.

The United States is awaiting the completion of its second large offshore wind farm in Massachusetts.

Fast food giant Wendy’s is considering changing its prices throughout the day, similar to how Uber charges more during peak hours. This idea, known as dynamic pricing, will be tested at Wendy’s locations in 2025. The company is spending $20 million on new digital menus for its US restaurants that allow for the changing of prices based on how many people want specific menu items at a certain time.

Wendy’s CEO, Kirk Tanner, said that the new menus will use technology to suggest items and change offers based on the time of day, enhancing the customer experience.

Wendy’s ensured that this plan is designed to offer discount prices during slower times throughout the day. In a blog post, the company said they, “would not raise prices when our customers are visiting us most… Any features we may test in the future would be designed to benefit our customers and restaurant crew members.”

The new menus were first showcased in a new store design in 2022, and have already begun appearing in select drive-thrus. These digital menus are able to talk, change prices quickly, and make suggestions to customers. Wendy’s hopes this will increase their selling power. McDonald’s is trying something similar, but the inconsistent changing of prices has made some customers unhappy.

If Wendy’s plan works, other fast-food places might implement surge pricing as well.