Additional Coverage:
Get ready to dig deeper into your wallets, chocolate lovers. Hershey’s is raising prices on its candy lineup, and it’s not just a nibble. The company confirmed Tuesday that increases will hit double-digits, citing the skyrocketing cost of cocoa.
This price hike is a double whammy for consumers. Not only are list prices going up, but Hershey’s is also tweaking the size and amount of candy in some packaging. The company insists this is unrelated to tariffs or trade policies, placing the blame squarely on the soaring cost of ingredients, especially cocoa.
Cocoa prices have been climbing steadily over the past two years due to supply issues in major cocoa-producing regions. Hershey CEO Michele Buck hinted at these changes back in May, stating the company was exploring adjustments to packaging and pricing to offset rising costs.
While Hershey’s is currently in discussions with retailers, they’ve remained tight-lipped about the exact pricing changes. This news comes just weeks after former Wendy’s CEO, Kirk Tanner, announced he was leaving the fast-food world to take the helm at Hershey.
Tanner officially begins his new role on August 18th. The Pennsylvania-based Hershey Company boasts a portfolio of over 90 brands, including iconic treats like Reese’s Peanut Butter Cups, Kit Kat, and Milk Duds.