A spokesperson for The Hershey Company confirmed the double-digit price increases to the Daily Voice on Wednesday, July 23. The decision is tied to rising ingredient costs, not President Donald Trump's sweeping tariffs that have increased prices of other consumer goods.
While the eastern Pennsylvania company said it will hike prices, Halloween candy won't be affected.
"We're committed to delivering the treats consumers love while continuing to invest in making our products and experiences even better," the spokesperson said. "To support our approach, we're making a price adjustment with our retail customers. [For years,] we've worked hard to absorb these costs and continue to make 75% of our product portfolio available to consumers for under $4.00, ensuring that Hershey treats stay accessible and affordable for families everywhere."
The cost of cocoa has more than doubled since 2023, with futures briefly reaching nearly $10,000 per metric ton earlier in 2025, Bloomberg reported. More than 60% of the world's cocoa comes from the Ivory Coast and Ghana, which have battled crop disease and poor weather in recent years.
Although cocoa prices have come down slightly, they remain well above historical levels. A December 2024 research note from J.P. Morgan also mentioned that "chronic underinvestment" in West African farms have added to rising cocoa costs.
The candy price hikes come as the maker of Hershey's chocolate bars and Reese's Peanut Butter Cups is preparing to welcome a new CEO. Former Wendy's chief executive Kirk Tanner will take the same position with Hershey in mid-August, replacing longtime leader Michele Buck.
Lindt & Sprüngli AG, the Swiss company behind Lindor truffles and Ghirardelli chocolates, rose prices by 15.8% in the first half of 2025. CEO Adalbert Lechner has said he expects cocoa inflation to continue into 2026.
Economists say Trump's tariffs will cause prices to rise for other foods like beef and vegetables. Canned food companies have also warned about increases, with Del Monte Foods citing Trump's steel duties as a factor when it filed for bankruptcy in early July.
Hershey, which has asked the federal government for a tariff exemption on cocoa, said in May that it expected $15 million to $20 million of tariff costs in the second quarter of 2025.
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