Individuals who love nothing more than nibbling on a piece of chocolate may want to stock up on the sweet stuff, following soaring cocoa costs.

Luxury chocolate retailer Thorntons noted the increases have hit a 38-year high because of a combination of poor harvests and an increasing global appetite for the provision.

Finance director and interim chief executive of the firm Mark Robson explained the company - which provides goods for luxury gift hampers - tries to buy in advance to mitigate rising costs.

"However, if prices continue to go up and up, it could come to a point where we do pass it on," he added.

Consumers may have noticed they have to shell out more for a chocolate bar, after it was reported both Nestle and Cadbury increased prices by around seven per cent on some of their products.

Last month, Thorntons announced it will be giving its Christmas range a revamp in a bid to boost sales over the festive period.