It was trading at around US$3,165 per ton on March 28, back to where it was around three years ago.Why doesn’t that lower cocoa price mean cheaper chocolates on our shelves this Easter?Cocoa prices began rising in 2023, but really took off in early 2024, surging to an all-time high Consumer group Choice’s latest annual assessment of Easter egg prices found some chocolate eggs on sale this Easter are smaller but more expensive for the second year in a row.But this Easter, shoppers may be asking another question — given cocoa costs have plunged, why hasn’t the shelf price of all chocolates on our supermarket shelves also fallen?The short answer is time.While the current price of cocoa is down from its highs, even as recently as December last year, the price was about double what it is now.Especially for the biggest producers, at least some of the cocoa or cocoa products used to make chocolate being sold now would have been bought when prices were still at much higher levels.Some key cocoa products used in chocolate making, such as cacao nibs, can last for many years if stored in the right cool, dry conditions.When large commercial chocolate makers are calculating their profits and losses, and setting their chocolate prices, they have to factor in what they’ve already paid for ingredients — not the current prices.In other words, it’s still too soon to expect the full savings from the recent cocoa price drop to be passed on.Cocoa is also not the only cost to consider in chocolate prices