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Investing.com -- Hershey announced on Tuesday that it will increase prices on its candies due to rising costs of cocoa, a key ingredient in its products.
"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 company spokesperson said.
The chocolate manufacturer did not specify which products would be affected or the exact percentage of the price increases. However, Bloomberg reported that the company is implementing a roughly double-digit price hike.
Cocoa prices have surged over the past two years due to supply problems in Ghana and the Ivory Coast, reaching a record high in December. Although prices have since fallen to an eight-month low, they remain significantly higher than levels seen earlier in the decade.
The price increase comes as food manufacturers continue to grapple with elevated commodity costs affecting their production expenses.
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