Solidarity Capital CEO Jeff McClean joins ‘The Claman Countdown’ to discuss Hershey’s outlook in the stock market.
Chocolate lovers may soon experience some sticker shock. The Hershey Company is reportedly raising prices across its candy portfolio.
Due to an “unprecedented” increase in the cost of cocoa, prices of the chocolate maker’s products will rise by a percentage roughly in the double-digits, a Hershey spokesperson said Tuesday, according to Reuters.
The increase accounts for both a higher list price and changes to the weight and amount of candy in its products’ packaging, Bloomberg News reported.
WENDY’S CEO STEPS DOWN TO TAKE TOP LEADERSHIP POSITION AT HERSHEY COMPANY AFTER BRIEF TENURE
Oversize Hershey Kisses for sale at Hershey’s Chocolate World in Hershey, Pa., Nov. 11, 2021. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
“This change is not related to tariffs or trade policies,” the spokesperson said in a statement. “It reflects the reality of rising ingredient costs, including the unprecedented cost of cocoa.”
HERSHEY SUED FOR ALLEGEDLY SELLING LEAD AND CADMIUM-FILLED DARK CHOCOLATE
Over the last two years, the cost of cocoa has increased significantly due to supply shortages in the Ivory Coast and Ghana. In May, Hershey CEO Michele Buck said the chocolate giant was working to make adjustments to pack size and pricing as a way to absorb increased expenses, Reuters reported.
Chocolate bars for sale at the Hershey Co. Chocolate World store in Hershey, Pa., July 13, 2018. (Angus Mordant/Bloomberg via Getty Images / Getty Images)
Hershey, which is in talks with its retail partners, declined to share specifics of the new pricing, according to Reuters.
CHOCOLATE LOVERS ARE CUTTING BACK ON SWEET TREAT PURCHASES AMID RISING PRICES
The news comes weeks after Wendy’s announced its CEO, Kirk Tanner, would be stepping down from his role at the fast-food restaurant chain to become CEO of The Hershey Company.
He will begin his new role at the chocolate-making company Aug. 18, according to separate announcements at the time from the two companies.
Reese’s packaging in a shop in United Arab Emirates Nov. 24, 2023. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
The Hershey Company, based in Pennsylvania, owns more than 90 brands, including Reese’s Peanut Butter Cups, Kit Kat, Milk Duds and more, according to its website.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Hershey Company did not immediately respond to Fox News Digital’s request for comment.
