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Hershey Says It Is Hiking Chocolate Prices
GHANA, JUL 22 – Hershey is increasing prices due to cocoa costs rising over 170% in 2024, driven by climate-related poor harvests in major West African producing regions.
- Hershey announced on Tuesday it will raise prices across its confection portfolio by a lower double-digit percentage due to higher cocoa costs.
- This price increase follows a sharp rise in cocoa prices driven by poor harvests and climate change impacts in West Africa over the past two years.
- Hershey CEO Michele Buck said in a May earnings call that the company is adjusting pack sizes and pricing together to absorb rising input costs, especially for seasonal items.
- In December 2024, cocoa futures hit an unprecedented peak, reaching over $12,600 per metric ton after climbing 178% throughout the year, although prices have since declined by about 30% to approximately $8,156, remaining considerably elevated.
- The price hikes suggest ongoing inflationary pressures on chocolate products, while Hershey noted the increases are unrelated to tariffs but reflect the reality of higher ingredient costs.
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The good news: Hershey Co. announced it will not raise prices on Halloween candy this year.
LA Daily News
Hershey raising candy prices by double digits on high cocoa costs
By Kristina Peterson, Bloomberg News Hershey Co. is raising prices on its candy due to historically high cocoa costs. The Pennsylvania-based maker of Hershey’s chocolates and Reese’s Peanut Butter Cups told its retailers last week that it would be implementing a roughly double-digit price increase, company officials said Tuesday. That increase reflects a higher list price as well as adjustments to the weight and number of candies in a bag, a pra…
The Price Of Chocolate Is Going Up
(Hershey, PA) — You’re going to have to pay more for chocolate come this Halloween. That means it’s going to cost more for Hershey’s Kisses, Reese’s Peanut Butter Cups and Kit Kats. The Hershey Company announced that the price of its chocolates are going up by double digits. Company officials say its due to the increasing cost of cocoa and other ingredients and the change is not related to tariffs or trade policies. The increases are the r…
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