Hershey's is raising prices on its chocolate products, including Kit Kat and Reese's, by a double-digit percentage due to soaring cocoa prices. A combination of poor harvests in Ghana and Ivory Coast, exacerbated by climate change, has driven up cocoa futures. While cocoa prices are down from record highs, they remain significantly higher than two years ago. Hershey also plans to adjust package sizes, a practice known as shrinkflation. The price increases are attributed solely to ingredient costs and not tariffs or trade policies.

Prepared by Christopher Adams and reviewed by editorial team.