Hershey Co. plans to raise candy prices by approximately double digits due to historically high cocoa costs, including adjustments in product weight. This change reflects the increased costs of cocoa, which has surged due to supply chain issues from disease and adverse weather in major producing countries. While cocoa futures peaked recently, costs remain elevated. Hershey is seeking a tariff exemption for cocoa to help mitigate rising costs, similar to actions taken by other food manufacturers in light of increasing ingredient expenses.
Hershey Co. is raising prices on its candy due to historically high cocoa costs, reflecting a roughly double-digit price increase.
The increase includes adjustments to the weight and number of candies per bag, known as shrinkflation, amidst rising ingredient costs.
Cocoa pricing surged due to supply shortages from disease and poor weather in Ivory Coast and Ghana, leading to a record high in cocoa futures.
Hershey has asked the US government for a tariff exemption on cocoa, hoping to alleviate some of the cost pressures it faces.
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