Chocoholics are being urged to stockpile their favourite sweet treats now with prices set to rise amid skyrocketing costs for cocoa and sugar.

Cocoa prices on Tuesday surged to the highest level in 44 years amid rising global demand and poor crops in West Africa caused by bad weather.

“Chocolate queen” Kirsten Tibballs said the cost of cocoa had risen 44 per cent in the past year while sugar had jumped 40 per cent, and warned of more price pain for shoppers ahead.

“It’s going to be unprecedented times going forward,” the celebrity pastry chef said.

“It’s a sad day for all chocolate lovers – stockpile now.

“Some companies have their prices locked in for 12 months so it depends on when that resets as to when they have a significant increase.”

Related story: How ethical is your chocolate really?

Ms Tibballs, an ambassador for Callebaut Chocolate, said retail chocolate prices had already jumped, while many chocolate bars had shrunk.

A spokesperson for Mondelez, which owns Cadbury, said the company recently increased the recommended retail price of its family blocks for the first time in three years.

“The last few years have been extremely difficult for Aussie food manufacturers and like many, we have experienced significant supply chain challenges and rising commodity and input costs,” the spokesperson said in a statement.

Rabobank senior dairy and food retail analyst Michael Harvey said the price of chocolate had been hit by “a perfect storm”.

“A lot of agricultural commodity markets jumped last year to record levels, and most have come back since then,” he said. “But it’s been two key raw materials for chocolate, being cocoa and sugar, where you’re still seeing very high pricing, and prices continue to rise this year.”

Related story: Our ultimate collection of decadent chocolate recipes for the chocoholic

Mr Harvey said the cost of snacks and confectionery, including chocolate, jumped 11.6 per cent in Australia in the year to June.

Chocilo owner Bruce Nethercote said he had been forced to increase prices in the Ivanhoe chocolate shop in response to rising costs, including the price of cocoa.

“People are still coming in for a special treat or a gift, but they are reducing everyday consumption,” he said.

This story originally appeared on heraldsun.com.au and has been reproduced here with permission.

Related story: Start your week the right way with Alison Roman’s cocoa banana bread