Cocoa and Milk & dairy

Their prices have moved together.

Cocoa (commodity) and Milk & dairy (commodity): 1 relationship.

How they are linked

1. Price link: co-input in chocolate

Cost and price · Weak · Both ways

Milk chocolate uses milk powder, so dairy is a cost for chocolate makers. The dairy series is a US raw milk index, and it shows no link with cocoa: monthly moves correlate at minus 0.02 and yearly moves at 0.14.

• -0.02 monthly change correlation
• 0.14 12-month change correlation
• 0.79 fitted elasticity

Built from the site data on production routes, energy flows, industry value chains, input-output tables and prices.