Hershey plans to raise its prices as the cost of cocoa increases

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.