Hershey Warns of Record High Cocoa Prices

Hershey issues a warning on profits and sales due to record cocoa prices, with global cocoa prices hitting new peaks as poor harvests in west Africa drive up costs. The company expects cocoa prices to limit earnings growth and is considering price rises on products. Cadbury owner Mondelēz also faces significant cost increases and has already increased prices, following a report that found the price of popular festive chocolates had risen by over 50% from Christmas 2022 to 2023, contributing to a significantly higher chocolate price increase compared to overall supermarket food and drink inflation in the UK.