Hershey's Chocolate Is About to Get a Little More Expensive
The classic brand is shifting to offset the price hikes of some ingredients
Hershey's lovers everywhere, prepare yourselves. The chocolate company is raising its prices this year.
The household staple is just one of many companies raising prices over the past few months. In a 2022 financial report released Thursday, the company said it is planning "list price increases across all segments," which is just a fancy way to say prices will be a bit higher.
According to CNN, Steven Voskuil, the company's chief financial officer, said during an analyst call Thursday that the price hikes should help offset higher ingredient and labor costs. Voskuil also noted that sugar, dairy, packaging materials, and specialty ingredients prices are increasing.
Although Hershey's is boosting chocolate product prices, the company has still seen some growth in retail sales. In 2021, the company reported seeing a 10.1% increase in net sales. Some of that success can be attributed to COVID-19 as many Americans are staying home and generally spending more on groceries, reports CNN.