Hershey Co. announced a double-digit price increase across its candy portfolio, driven by historically high cocoa costs. The company communicated the price hikes to retailers last week, emphasizing that the increases are not related to tariffs but rather to a surge in raw material expenses. The price adjustments will include both higher list prices and shrinkflation, where package sizes are reduced. The rise in cocoa costs is attributed to supply challenges, particularly in West Africa, a key region for cocoa production. Hershey's decision reflects ongoing pressures in the cocoa market, which have led the company to reassess pricing strategies to offset elevated ingredient costs.