Money | chocolate Binge Now: Chocolate Prices May Spike Soaring cocoa prices slim down candy makers' profit margins By Rob Quinn Posted Feb 13, 2009 10:52 AM CST Copied Solid chocolate, top, is tempered or melted for Valentine's Day candies at the Thomas Sweet Chocolate shop in Princeton, N.J., Monday, Feb. 11, 2008. (AP Photo/Mike Derer) Soaring cocoa prices have left chocolate makers wondering how far they can hike prices without souring business, the Wall Street Journal reports. Crop woes in Africa have kept cocoa pricey despite the global commodities slump. Chocolate companies are mostly holding prices steady for now but many are expected to fatten their slim profit margins after the Valentine's Day rush. Sales of chocolate rose 2.3% in the US last year despite the downturn, but retailers say shoppers are scaling back their Valentine's Day spending this year. To avoid passing on cocoa prices to consumers, high-end chocolatier Godiva has cut back on fancy packaging and replaced truffles with solid chocolate in its boxes. Read These Next 11 people hurt in a "brutal act of violence" in Michigan. We knew Letterman would pipe up about Colbert eventually. A parent's nightmare, in a white cardboard box. Now we know why Ghislaine Maxwell may have opened up to the DOJ. Report an error