Hershey to increase chocolate prices by double digits
The primary reason for these price hikes is the significantly elevated cost of cocoa, which reached over $12,000 per metric ton in December and remains high at around $8,100.
Despite the increases, approximately three-quarters of Hershey's products are expected to continue retailing for $4 or less.
West Africa, responsible for about 70 percent of the world's cocoa supply, has faced challenges including adverse weather, plant disease, and aging tree stocks, impacting global cocoa production.
Other confectionery companies, such as Lindt & Spruengli and Mondelez International (makers of Cadbury), are also implementing price increases due to the rising cost of cocoa.
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