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The news was announced during The Hershey Company's Fourth Quarter of 2021 Earnings Conference Call on Thursday.
The company said it is planning for “list price increases across all segments” as a way to drive sales growth.
“Pricing will be an important lever for us this year and is expected to drive most of our growth,” said CEO Michele Buck stated.
The reason given for the hike was the rising cost of labor and ingredients.
Hershey had already raised some of it's prices in 2021, which Buck said contributed to increased sales.
During the call Buck reported that Hershey's delivered record production, sales and earnings in 2021.
The Hershey and Reese's brands we're just ranked in the top of the most loved brands in America, Buck said.
It is unclear which specific product lines and brands within The Hershey Company will be affected by the price hikes.
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