Chocolate lovers, youâ€™re going to have to shell out a little more cash to satisfy your sweet tooth. Hershey Co. is expecting its first price hike in three years. The chocolate giant says the price increase could chew up short term sales, but chocolateâ€™s popularity will prevail over the long haul.
The rising costs of cocoa and dairy are at the heart of the chocolate price increase that Hershey announced July 15. The 120-year-old maker of Hershey Kisses and Reese’s Peanut Butter Cups will pay particular attention to any decrease in sales caused by the price hike.
This is a critical moment for candy makers, because even some of the world’s best chocolate brands are fighting for U.S. consumers in a shrinking market.