Cocoa prices are making the price of your next chocolate bar go up.
Hershey’s said it is raising the price of its chocolates by nearly double digits, Bloomberg reported.
In addition to the actual cost going up, the weight or number of pieces will be cut.
But company officials said the reason was not because of trade polices set by the federal government.
“This change is not related to tariffs or trade policies,” Andrew Archambault said. “It reflects the reality of rising ingredient costs, including the unprecedented cost of cocoa.”
Archambault is Hershey’s president of US confection.
The cost of cocoa was a record of more than $12,000 a metric ton in December, but the price had fallen over recent months, and as of this week was $8,100, The Wall Street Journal reported. The cost is still higher than normal due to bad weather and a disease that is impacting cocoa supplies in West Africa, the area which produces about 70% of the world’s cocoa bean supply.
In May, Hershey said it was trying to offset the cost of cocoa by adjusting the size of packaging and the pricing, focusing on seasonal items, Reuters reported.
Hershey is not the first chocolate company to raise prices in recent months.
Lindt & Spruengli AG raised prices by 15.8% earlier this year, Bloomberg reported.
Oreo supplier Mondelez is expected to raise prices this year too, The Wall Street Journal reported.
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