Hershey to increase candy prices by double digits amid rising cocoa costs

The Hershey Company is raising candy prices by a low double-digit percentage due to escalating cocoa costs, which have surged 73% in the past five years amid a global shortage exacerbated by climate-related issues. CEO Michele Buck indicated a shift towards less cocoa-intensive products while maintaining growth in their chocolate business, with Hershey’s shares rising 2.8% post-announcement.

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