Tripling in price this year alone, chocolate has never been this expensive before. It still has yet to peak, however, and prices will soon be going up not just for Kalev's iconic sweets, but also those produced by other manufacturers. High commodity prices are impacting production volumes as well.

"We're currently producing less sweets at the Kalev factory, and unfortunately, we have to sell it at higher prices," admitted Orkla Estonia CEO Kaido Kaare.

"This is the result that higher cocoa prices have on us," he explained. "We're forced to raise prices, and indeed, the quantities consumers are buying have declined."

Small businesses aren't shielded from the global market price of cocoa either. Some have been proactive in anticipation.

"We've also had to raise our prices a bit," noted Chocolala founder Kristi Lehtis. "Not by that much – by 10 percent this year – but that's only because as soon as prices started going up at the beginning of the year, we purchased a lot of chocolate in advance. Around €50,000 worth – enuogh to last us through the end of the holiday season."

Making the rounds on social media have been pictures from Estonia showing that certain types of hard liquor are now significantly cheaper than chocolate.

"In times of such turbulent prices, especially over the past couple of years, you can come up with some pretty shocking and even comical comparisons," said Selver business accounting director Kristjan Anderson. "Come to think of it, I could come up with more of these comparisons, but I don't think that which of them is cheaper will necessarily drive consumers to favor that product more."

Producers and retailers alike hope that cocoa prices will start to fall again in around two years' time. In the meantime, it's worth buying chocolate on sale right now, as these prices still reflect the previous price hike.

--

Follow ERR News on Facebook and Twitter and never miss an update!