# Cocoa and Milk & dairy

Their prices have moved together.

Source page: https://www.materialinsights.org/links/cocoa-and-milk-and-dairy/

[Cocoa](https://www.materialinsights.org/commodities/cocoa/) (commodity) and [Milk & dairy](https://www.materialinsights.org/commodities/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.