Hershey announces price increase is coming
Hershey has some bitter and not-so-sweet news for chocolate fans: The famed candy brand will be raising its prices due to high cocoa costs and supply issues.
The Pennsylvania-based chocolate company has not stated how much more customers may pay, but confirmed this week that the hikes will be in the "low double-digits."
"This change is not related to tariffs or trade policies. It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," a Hershey spokesperson said in a statement.
Cocoa prices, which hit a record 50-year high earlier this year in February, have been exacerbated by supply problems. Diseases have purged cocoa crops in West Africa, which produces the vast majority of the world's cocoa beans, and a poor growing season caused production to plummet, leading to a spike in prices.
Hershey manufactures several beloved candies including Reese's Peanut Butter Cups, Kit Kat Bars, Hershey's Kisses, and multiple varieties of Hershey's chocolate bars.
The company told ABC News the first bump in prices could hit consumers in about 90 days, just 10 days before the Halloween rush on candy.
Read more about the state of chocolate, cocoa supply and what experts have to say here.
