Your sweet tooth might turn sour. The Hershey Company confirmed to multiple outlets that it will increase its candy prices due to rising cocoa costs.
A company spokesperson reportedly told CNN that the increase will be a percentage in the lower double-digit range.
Hershey says 75% of its products are available for under $4, and they will continue working to keep it that way.
CNN reported that cocoa futures went up 178% in 2024 after a 61% increase in 2023, citing data from FactSet.
The increase is attributed to poor harvest weather in Ghana and the Ivory Coast, which account for almost 60% of the world’s cocoa production.
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