Hershey raising candy prices amid cocoa surge: Report
In this photo illustration, Hershey's chocolate bars are shown on July 16, 2014, in Chicago, Illinois. (Photo Illustration by Scott Olson/Getty Images)
Fulfilling your chocolate cravings may get a little more expensive as The Hershey Company is reportedly raising prices across its candy portfolio, according to FOX Business, citing Reuters.
What they're saying:
A Hershey spokesperson said Tuesday that, due to an "unprecedented" surge in cocoa costs, the company will raise product prices by a roughly double-digit percentage, according to Reuters.
RELATED: Pizza Hut's $2 summer deal: Here's how to grab a slice
The increase reflects both a higher list price and adjustments to the weight and quantity of candy in the packaging, Bloomberg News reported.
Norwegian athlete's TikTok loveletters to chocolate muffins
Norwegian swimmer Henrik Christiansen documented his relationship with the chocolate muffins available in the Olympic Village in this series of hilarious TikTok videos from July 25 to July 31.
"This change is not related to tariffs or trade policies," the spokesperson said in a statement. "It reflects the reality of rising ingredient costs, including the unprecedented cost of cocoa."
Dig deeper:
Reuters reported that over the past two years, cocoa prices have surged due to supply shortages in the Ivory Coast and Ghana. In May, Hershey CEO Michele Buck said the company was adjusting pack sizes and pricing to help offset the rising costs.
RELATED: Coca-Cola confirms Coke with cane sugar is coming
Hershey, which is in talks with its retail partners, declined to share specifics of the new pricing, according to Reuters.
The backstory:
The news follows Wendy’s recent announcement that CEO Kirk Tanner will leave the fast-food chain to become CEO of The Hershey Company.
Does dark chocolate make us happy?
A recent study suggests that eating chocolate, especially dark chocolate, is linked to lower odds of depressive symptoms.
According to separate statements from both companies, Tanner will begin his new role at the chocolate maker on August 18.
Based in Pennsylvania, The Hershey Company owns over 90 brands, including Reese’s, Kit Kat, and Milk Duds, according to its website.
The Hershey Company did not immediately respond to Fox News Digital's request for comment.
The Source: The information in this story comes from a report by FOX Business, which cited details from Reuters and Bloomberg News. This story was reported from Los Angeles.