Hershey Bumps Up Candy Prices As Ingredient Prices Soar

Faced with soaring ingredients costs, Hershey Company has raised prices on certain of its candy lines by eight percent. The commodity cost inflation is taking a toll on the company’s bottom line: Hershey adjusted its 2014 profit forecast downward. Spot prices for candy ingredients such as cocoa, dairy and nuts have risen “meaningfully” since January, Hershey said. Cocoa futures reached a near-three-year high this month. The price hikes will affect instant consumable, multi-pack, packaged candy and grocery lines.