FX & Commodity Almanac

ECB fixings to 16 Oct 2026 · World Bank prices to September 2026

Grains & softs · World Bank monthly average

What is the Cocoa price and how has it changed?

Cocoa averaged 5.92 US dollars per kilogram in September 2026, according to the World Bank Pink Sheet. That is 0.5% below Aug 2026 and 15.8% below Sept 2025, and in the top tenth of all monthly averages since January 2000.

Sept 2026 average
5.92$/kg · US dollars per kilogram
Month on month
▼ −0.5%from 5.95 in Aug 2026
Year on year
▼ −15.8%from 7.03 in Sept 2025
12-month range
3.24–5.95low Mar 2026 · high Oct 2025

The last five years

Cocoa, monthly average price, last five yearsCocoa from 2.56 $/kg in Sept 2021 to 5.92 in Sept 2026; five-year high 10.75 (Jan 2025), low 2.24 (Jul 2022). 24681012 20222023202420252026
Monthly averages, Sept 2021 – Sept 2026, $/kg. Yellow dot: latest month.

What the record shows

  1. Over five years the price ranged from 2.24 (Jul 2022) to 10.75 (Jan 2025). Sept 2026 sits 43% of the way from that low to the high.
  2. Since January 2000 the record high is 10.75 (Jan 2025) and the low 0.86 (Feb 2000). The latest month is higher than 93% of the 321 monthly averages in that span, in nominal dollars (not adjusted for inflation).
  3. The highest full-year average since 2000 was 2025 (7.80); the lowest was 2000 (0.91).
  4. Annualised volatility of monthly changes over the past five years was 40.9%, higher than the 25.7% for the whole record since 2000. Monthly averages smooth out intra-month swings, so daily markets move more than this.
  5. Five years earlier, in Sept 2021, the average was 2.56: the price is 131.3% above that level.

Yearly averages

Cocoa yearly average, change, high month and low month
YearAveragevs prior yearHighest monthLowest month
2026 9 mo. 4.58 ▼ −41.2% 5.95 Aug 3.24 Mar
2025 7.80 ▲ +6.4% 10.75 Jan 5.61 Nov
2024 7.33 ▲ +123.5% 10.32 Dec 4.40 Jan
2023 3.28 ▲ +37.0% 4.21 Dec 2.62 Jan
2022 2.39 ▼ −1.4% 2.55 Feb 2.24 Jul
2021 2.43 ▲ +2.4% 2.57 Oct 2.33 Jul
2020 2.37 ▲ +1.2% 2.72 Feb 2.10 Jul
2019 2.34 ▲ +2.1% 2.52 Nov 2.19 Aug
2018 2.29 ▲ +13.0% 2.66 May 1.95 Jan
2017 2.03 ▼ −29.8% 2.19 Jan 1.92 Dec
2016 2.89 ▼ −7.8% 3.12 Jun 2.30 Dec
2015 3.14 ▲ +2.4% 3.36 Nov 2.87 Apr
2014 3.06 ▲ +25.6% 3.27 Aug 2.82 Jan
2013 2.44 ▲ +2.0% 2.82 Dec 2.15 Mar
2012 2.39 ▼ −19.7% 2.62 Sep 2.26 Jun
2011 2.98 ▼ −4.9% 3.47 Feb 2.20 Dec
2010 3.13 ▲ +8.5% 3.53 Jan 2.88 Sep
2009 2.89 ▲ +12.1% 3.50 Dec 2.48 May
2008 2.58 ▲ +32.0% 3.00 Jun 2.05 Nov
2007 1.95 ▲ +22.5% 2.16 Jul 1.70 Jan
2006 1.59 ▲ +3.6% 1.71 Dec 1.53 Oct

Average = simple mean of the monthly averages published for that year. Rows in italics are incomplete years. Table shows 2006 onward; the charts and statistics use the full record from Jan 2000.

Since January 2000

Cocoa, monthly average price since January 2000Cocoa monthly averages from Jan 2000 to Sept 2026; highest 10.75 $/kg in Jan 2025, lowest 0.86 in Feb 2000. 024681012 200020032006200920122015201820212024
Monthly averages, nominal US dollars ($/kg).

Largest one-month moves since 2000

MonthFromToMove
Apr 20247.099.74▲ +37.4%
Dec 20247.8910.32▲ +30.8%
Feb 20264.973.59▼ −27.8%
Mar 20245.567.09▲ +27.5%
Jul 20264.405.61▲ +27.5%

What exactly is being priced?

Cocoa (ICCO daily price), average of the first three positions on the New York and London terminal markets. The World Bank publishes the series as a monthly average in US dollars per kilogram ($/kg). Benchmark definitions occasionally change, as noted above, so very long comparisons mix slightly different contracts. See commodity price units explained for converting units.

Sources