Cocoa prices have jumped sharply over the past two years.
Hershey announced Tuesday it will raise chocolate prices across its confection portfolio, citing a massive increase in cocoa costs that has pressured the industry for months.
The iconic candymaker behind Reese’s Peanut Butter Cups, Kit Kat and Hershey’s Kisses told retailers it will implement a double-digit price increase on average across its confection portfolio due to a surge in costs of cocoa, according to multiple reports Tuesday. The company said prices will rise by a percentage in the “lower double-digit range” compared to what chocolate products have cost over the past couple years.
Bloomberg first reported the
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