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Time of India
23-07-2025
- Business
- Time of India
Hershey to raise chocolate prices as cocoa costs remain high
Hershey has told retailers it will be taking a double-digit price increase on average across its confection portfolio due to a surge in costs of cocoa, a company spokesperson said on Tuesday. The maker of Reese's Peanut Butter Cups declined to comment on the specifics of the pricing action as discussions with its retail partners are underway. "This change is not related to tariffs or trade policies . It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," the spokesperson said. Cocoa prices have risen sharply in the last two years and touched a record in December due to supply problems in Ghana and the Ivory Coast. Since then, the price of cocoa has fallen to an eight-month low, though it remains above levels seen earlier in the decade. During Hershey's quarterly earnings call in May, CEO Michele Buck said the company was working to absorb high input costs by adjusting the pack size and pricing together, especially on seasonal items. These actions would lead to higher prices in the second and third quarter, she had said.
23-07-2025
- Business
Hershey to increase prices on chocolate candy amid rising cocoa costs, supply hurdles
Hershey has some bitter and not-so-sweet news for chocolate fans: The famed candy brand will be raising its prices due to high cocoa costs and supply issues. The Pennsylvania-based chocolate company has not stated how much more customers may pay, but confirmed this week that the hikes will be in the "low double-digits." "This change is not related to tariffs or trade policies. It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," a Hershey spokesperson said in a statement. Cocoa prices, which hit a record 50-year high earlier this year in February, have been exacerbated by supply problems. Diseases have purged cocoa crops in West Africa, which produces the vast majority of the world's cocoa beans, and a poor growing season caused production to plummet, leading to a spike in prices. Hershey manufactures several beloved candies including Reese's Peanut Butter Cups, Kit Kat Bars, Hershey's Kisses, and multiple varieties of Hershey's chocolate bars. The company told ABC News the first bump in prices could hit consumers in about 90 days, just 10 days before the Halloween rush on candy.
TimesLIVE
23-07-2025
- Business
- TimesLIVE
Hershey to raise chocolate prices due to cocoa supply problems in Ghana, Ivory Coast
Hershey has told retailers it will be taking a double-digit price increase on average across its confection portfolio due to a surge in costs of cocoa, a company spokesperson said on Tuesday. The maker of Reese's Peanut Butter Cups declined to comment on the specifics of the pricing action as discussions with its retail partners are underway. "This change is not related to tariffs or trade policies. It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," the spokesperson said. Cocoa prices have risen sharply in the last two years and touched a record in December due to supply problems in Ghana and the Ivory Coast. Since then the price of cocoa has fallen to an eight-month low, though it remains above levels seen earlier in the decade. During Hershey's quarterly earnings call in May, CEO Michele Buck said the company was working to absorb high input costs by adjusting the pack size and pricing together, especially on seasonal items. These actions would lead to higher prices in the second and third quarter, she had said.
Time of India
23-07-2025
- Business
- Time of India
Hershey to raise chocolate prices as cocoa costs remain high
Hershey has told retailers it will be taking a double-digit price increase on average across its confection portfolio due to a surge in costs of cocoa, a company spokesperson said on Tuesday. The maker of Reese's Peanut Butter Cups declined to comment on the specifics of the pricing action as discussions with its retail partners are underway. "This change is not related to tariffs or trade policies . It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," the spokesperson said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Undo Cocoa prices have risen sharply in the last two years and touched a record in December due to supply problems in Ghana and the Ivory Coast. Since then, the price of cocoa has fallen to an eight-month low, though it remains above levels seen earlier in the decade. During Hershey's quarterly earnings call in May, CEO Michele Buck said the company was working to absorb high input costs by adjusting the pack size and pricing together, especially on seasonal items. Live Events These actions would lead to higher prices in the second and third quarter, she had said.
The Sun
23-07-2025
- Business
- The Sun
Hershey raises chocolate prices due to high cocoa costs
HERSHEY has told retailers it will be taking a double-digit price increase on average across its confection portfolio due to a surge in costs of cocoa, a company spokesperson said on Tuesday. The maker of Reese's Peanut Butter Cups declined to comment on the specifics of the pricing action as discussions with its retail partners are underway. 'This change is not related to tariffs or trade policies. It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa,' the spokesperson said. Cocoa prices have risen sharply in the last two years and touched a record in December due to supply problems in Ghana and the Ivory Coast. Since then, the price of cocoa has fallen to an eight-month low, though it remains above levels seen earlier in the decade. During Hershey's quarterly earnings call in May, CEO Michele Buck said the company was working to absorb high input costs by adjusting the pack size and pricing together, especially on seasonal items. These actions would lead to higher prices in the second and third quarter, she had said. - Reuters
