Hershey Announces Price Increase for Chocolate

Hershey is increasing the prices of its chocolate products by a 'lower double-digit' percentage due to soaring cocoa costs, which have risen significantly in 2024 driven by climate change impacts on cocoa-producing regions. The company also plans to implement 'shrinkflation' by reducing package sizes to manage costs without directly raising prices. Other chocolate makers like Lindt are also raising prices amid high cocoa prices.