Candy and snack giant Hershey Co. is increasing the prices of its products due to issues with the cocoa supply.
A Hershey spokesperson told The Wall Street Journal that 75% of the company’s candy will still cost less than $4 for consumers while retailers such as wholesalers and stores face a 13% to 20% price increase.
On an earnings call in May, Hershey CEO Michele Buck said that “you will see pricing go up in Q2 and Q3,” according to a transcript from the financial news site Seeking Alpha.
“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 Hershey spokesperson told CBS News.
The company has not responded to a request for comment from The Washington Times.
Cocoa prices have fallen from $12,100 for a metric ton in December, but this week’s price of