Hershey, the number one candy producer in the United States, raised its prices on Tuesday for all of the chocolate products they offer. This is the first time in three years that the candy company has raised its prices, which is a sign that the rising price of cocoa beans is starting to affect profits.
The price increase, which will be about 8 percent, is to go into effect everywhere the candy is sold immediately. The increase is meant to tackle rising costs of commodities such as dairy, nuts, and cocoa beans, but customers who buy directly from the company can still buy at pre-increase prices until August 12th.
The last time Hershey raised their prices was in 2011 by 9.7 percent for all wholesale products. Hershey has admitted to Reuters that they don’t expect the price increase to affect profits until the end of this year.