Chocolate risks becoming even more expensive if West Africa’s new cocoa harvest ends in disappointment.

Cocoa prices have soared about 47% in the past year on fears that bad weather and crop disease will hurt output in Cote d'Ivoire and Ghana, which make up two-thirds of world supply. An El Nino weather phenomenon could make matters worse, and analysts expect a third straight global shortage for the new season that’s just starting.

That means inflation on the treat aisle may persist even as cost pressures ease for food more broadly. Top chocolate manufacturers like Hershey Co. and Lindt & Spruengli AG have already warned of possible further price hikes, and there are signs that pricier goods are hurting demand from Europe to the key growth market of Asia.