Hershey announced Tuesday it will raise chocolate prices across its confection portfolio, citing a massive increase in cocoa costs that has pressured the industry for months.

The iconic candymaker behind Reese’s Peanut Butter Cups, Kit Kat and Hershey’s Kisses told retailers it will implement a double-digit price increase on average across its confection portfolio due to a surge in costs of cocoa, according to multiple reports Tuesday. The company said prices will rise by a percentage in the “lower double-digit range” compared to what chocolate products have cost over the past couple years.

Bloomberg first reported the price increase. The Pennsylvania-based chocolate giant did not provide details about the pricing action or when it will go into effect. 

Cocoa prices have jumped sharply over the past two years, at one point hitting prices just short of $13,000 per metric ton in December 2024. Prices have since dipped somewhat, but remain high after rising temperatures and weather conditions affected crops in West Africa, which produces more than 70% of the global cocoa supply. 

A spokesperson said the price increase is not related to tariffs, according to CNBC.

Hershey CEO Michele Buck had previously warned investors that sustained high cocoa prices would drive inflation throughout 2025. 

Hershey is not alone in facing cocoa cost pressures. Swiss chocolatier Lindt said in 2024 that it raised its prices and expected to continue into 2025, due to a “challenging year characterized by record-high cocoa costs, substantial price increases, and weakened consumer sentiment.”

The announcement comes as food companies across the industry continue to grapple with elevated costs.