Hershey to increase candy prices by double digits as cocoa costs rise

The Hershey Company on Tuesday confirmed media reports it is raising candy prices as it battles rising cocoa costs .

The price change will be a "low double-digit increase" and affect products across the company's confection portfolio, according to a Hershey spokesperson. Founded in 1894, the Pennsylvania-based company owns over 90 brands including Hershey Kisses, KitKat, Reese's and York.

"This change is not related to tariffs or trade policies," the spokesperson said in a statement to CBS News. "It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa."

Price increases typically take around 90 days to take effect, although the timeframe varies by retailer, the spokesperson added.

Global cocoa shortage

Cocoa prices have skyrocketed in rec