The price of your next candy bar is going to cost you — again.
Hershey Co. announced its raising prices on their chocolate bars like Reese’s peanut butter cups and its signature milk chocolate bars by around 9%, according to The Wall Street Journal. Hershey’s Chief Executive Michele Buck told The Journal the price hike will be implanted within the next year.
The price increase, the first in more than five years for some of its products, comes before Hershey announced a better-than-anticipated quarterly profit with second-quarter earnings of $312.8 million, according to the Associated Press.
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Hershey announced last year bagged candies prices would rise by 2.5%, which took effect earlier this year around Easter time.
It’s been a common theme for chocolate makers to drive prices up in recent years. Mars, the maker of M&M’s, announced last week some prices on its products would increase by about 10%.
For consumers, it isn’t the best news considering how much chocolate is actually in the packaging. While retail prices increase, the size of the actual product has diminished in recent years due to an industry term called ‘shrinkflation.’
In 2016, Toblerone increased the gap size between its triangular chocolate bars, which irked fans amid the company’s own price hike.
The price of chocolate has steadily risen in recent years due to the price of cocoa, the main ingredient that makes chlorate. In 2015, CNBC reported that the unpredictability of the crop, primarily grown in West Africa, was the main driver of the price surge due to fears of viruses like the Ebola virus.
The prices of cocoa remain high today. Ivory Coast and Ghana, two of the world’s leading cocoa-suppliers, joined together in an effort to drive prices higher to cash-in on the $100 billion chocolate industry. The two nations introduced a fixed price to fight farming poverty.