Global cocoa prices have hit a fresh record high as dry weather hurts crops in West Africa.

Cocoa prices on the New York commodities market reached a new all-time high of nearly US $6,000 or close to £5,000 a tonne on Thursday.

The cost of the key ingredient for making chocolate has now roughly doubled since the start of last year.

Soaring cocoa prices are already filtering through to consumers and squeezing major chocolate makers.

On Thursday, one of the world’s biggest chocolate manufacturers Hershey warned: “Historic cocoa prices are expected to limit earnings growth this year.”

The company’s chief executive Michele Buck also did not rule out putting up prices for customers.