"Chocolate Giants Warn of Price Hikes as Cocoa Costs Soar"

The Hershey Company and Mondelēz International, the company behind Cadbury chocolates, have signaled possible price hikes for their products due to the soaring cost of cocoa, which has more than doubled since last year following adverse weather conditions in major cocoa-growing regions. Executives from both companies cited rising cocoa prices as a key factor behind the potential increases, with Hershey already implementing price hikes on some items. The International Cocoa Organization has forecasted significant declines in cocoa production due to unfavorable weather and diseases, leading to a decrease in global cocoa supply and an anticipated impact on chocolate processors.