The National Retail Federation predicts spending on Easter candy will drop to $3.1 billion this year, or $24.78 per shopper, down from $3.3 billion in 2023, or $26.31 per person, according to a recent report.  The skyrocketing price of cocoa is the main reason behind the drop in sales and increase in prices.

The skyrocketing price of cocoa surged again Tuesday, topping $10,000 per metric ton for the first time, and some chocolate companies plan to respond to the increase by upping the cost of products, decreasing product sizes and advertising candies with less cocoa.

Top chocolate makers Hershey and Mondelez (the maker of Cadbury) have said they intend on hiking product prices to cover for the surging cocoa cost, meaning consumers will be paying more for chocolate in stores.