Get Ready To Pay More For Chocolate; Hershey Raises Prices For First Time In 3 Years

Your chocolate buying dollar is about to get slightly less valuable. Hershey announced last night that a year of rising cocoa prices has forced it to increase the price on just about all of its products by an average of around 8%. This is the first time the nation’s largest candy company has raised prices since 2011.

“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.