The Hershey Company has raised wholesale prices across all product lines which include popular Hershey Kisses, Reese’s and Kit Kat bars. The approximately 8 percent increase went into effect on Tuesday. Derry Township based Hershey Company is the nation number one candy producer.
In a release Hershey cited increases in input costs, packaging, fuel, utilities, and transportation as factors in the price hike.
“Over the last year key input costs have been volatile and remain at levels that are above historical averages,” said Michele G. Buck, President, North America, The Hershey Company. “Commodity spot prices for ingredients such as cocoa, dairy and nuts have increased meaningfully since the beginning of the year. Given these trends, we expect significant commodity cost increases in 2015″.
Hershey last raised wholesale prices in 2011 by roughly 9.7 percent. To read the release in its entirety click here.
Late Wednesday afternoon The Hershey Company (HSY) stock was trading at $92.41 a share on the NYSE.