Chocolate lovers won't see a sudden price spike for Valentine's Day — because the cost already has been rising for months. Extreme weather is largely to blame.

As Valentine’s Day approaches, the price of cocoa has never been higher.

The cost of the key ingredient in chocolate has been grinding upward for over two years. In the past year, it has more than doubled. This month, it broke the all-time record from 1977, the year before Hershey introduced Reese’s Pieces.