The Wednesday Letter #208 - 2/21/2024

THIS WEEK: Chocolate Inflation; Medical Devices; Honest Modern; Demographics of Russia and Ukraine.

CHOCOLATE INFLATION

The last refuge of the downcast has fallen. On top of the price increases seen in nearly all foods and fineries in the past few years, we are now seeing the price of cacao soaring to record highs. Cacao is turned into cocoa which is the main ingredient in chocolate. Cacao prices are experiencing the biggest spike since 1977-78 (chart). The chart erroneously refers to cocoa instead of cacao and many people use the words interchangeably. The difference is explained below.

Here are the nine steps for making chocolate, according to Gemma Whitaker of the UK’s Whitaker Chocolates. Details about each step are provided in the link:

1. Growing the cacao: cacao beans are obtained from Theobroma cacao trees.

2. Harvesting of the cacao, usually by hand.

3. Fermentation of the cacao over 5-8 days.

4. Drying the cacao, preferably out in the sun over several days.

5. Roasting the beans gets rid of bacteria and gives the cacao its unique flavor.

6. Winnowing the beans separates the shells from the nibs.

7. Gr…