“Over the last year key input costs have been volatile and remain at levels that are above historical averages,” said Michele G. Buck, President, North America, The Hershey Company, in a statement. “Commodity spot prices for ingredients such as cocoa, dairy and nuts have increased meaningfully since the beginning of the year. Given these trends, we expect significant commodity cost increases in 2015.”
The last price increase from the company came three years ago, lifting prices by 9.7%.
The announcement is expected to result in similar increases from competitors like Kraft and Nestle, meaning even those who don’t eat Hershey-branded chocolates will likely see prices go up in the coming months.