[cocoa prices soar to a seven-year high or rise further] Chocolate prices have risen 14% in the past year, according to Nielsen IQ, a consumer research and retail monitoring platform. Market watchers believe that the supply of cocoa, the main raw material for making chocolate, is tight at present, which means that the price of chocolate is likely to rise further. On June 9th, the price of cocoa soared to $3160 a tonne, the highest since May 5, 2016. Some experts say that the El Ni ñ o phenomenon will make West Africa, where cocoa is mainly grown, drier, with lower-than-average rainfall, affecting cocoa growth. It is expected that in the coming harvest season, there may be another supply shortage in the cocoa market, and prices will rise further. (CCTV Finance)