Hershey Co. is not raising prices for Halloween candy this year, but plans to increase U.S. retail prices later this fall due to a volatile cocoa market. Average price increases are expected to be in the low double-digit percentages. Other chocolate manufacturers, including Lindt and Nestle, have also raised prices as cocoa costs rise. Cocoa prices have more than doubled over the past two years, reaching $7,380 per metric ton recently, driven by poor weather and disease in major cocoa-producing regions.
Hershey says it will be raising U.S. retail prices later this fall, with average increases in the low double-digit percentages due to rising ingredient costs.
Swiss chocolatier Lindt raised prices by 15.8% in the first half of this year, attributing much of the increase to surging cocoa prices.
Cocoa prices have more than doubled over the past two years due to poor weather and disease in West Africa, impacting chocolate manufacturers globally.
Cocoa futures stood at $7,380 per metric ton, significantly down from December's peak of $11,984, but still indicative of a volatile market.
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