Hershey to hike chocolate prices by double digits — and it’s not because of tariffs

Hershey is planning to implement a double-digit price increase across its confectionery range, citing a surge in cocoa costs as the reason. The company spokesperson revealed this information on Tuesday.

While the exact details of the price hike were not disclosed, Hershey did mention that discussions with retailers are currently ongoing.

The spokesperson clarified that the price adjustment is not related to tariffs or trade policies but is a response to the escalating costs of ingredients, particularly the unprecedented rise in cocoa prices.

In the past two years, cocoa prices have witnessed a significant increase, reaching a record high in December. This spike was attributed to supply issues in Ghana and the Ivory Coast. While cocoa prices have slightly dropped since then, they are still higher compared to previous years.

During Hershey’s quarterly earnings call in May, CEO Michele Buck mentioned the company’s efforts to manage rising input costs by adjusting pack sizes and pricing strategies, especially for seasonal products.

Buck also warned that these measures would result in higher prices during the second and third quarters.