Chocoholics beware! Price increase!!
Posted: Thu Dec 16, 2004 3:57 pm
Chocoholic beware: Prices going up
Hershey Foods blames fuel prices, packaging costs and employee benefits; Mars also ups prices.
December 16, 2004: 1:00 PM EST
NEW YORK (CNN) - Getting a chocolate fix is about to get more expensive.
Hershey Foods (down $0.23 to $56.35, Research), the nation's largest snack-food company, said Thursday it is raising its candy prices. Standard and king-size chocolate bars are facing a wholesale price increase of nearly 6 percent, while the cost of packaged items -- like Hershey's Miniatures -- will be raised more than 4 percent.
Hershey's officials said the increases come in response to a similar move by competing chocolate producer Mars Inc., the maker of Snickers and M&M's. Hershey also blamed higher fuel prices, packaging costs and increases in benefits for its employees.
Sellers are expected to pass along the higher costs, meaning that come Valentine's Day, lovers will have to shell out more for those Hershey Kisses. Other affected products include Reese's Peanut Butter Cups, Kit Kat bars and Almond Joy candy bars.
Hershey Foods blames fuel prices, packaging costs and employee benefits; Mars also ups prices.
December 16, 2004: 1:00 PM EST
NEW YORK (CNN) - Getting a chocolate fix is about to get more expensive.
Hershey Foods (down $0.23 to $56.35, Research), the nation's largest snack-food company, said Thursday it is raising its candy prices. Standard and king-size chocolate bars are facing a wholesale price increase of nearly 6 percent, while the cost of packaged items -- like Hershey's Miniatures -- will be raised more than 4 percent.
Hershey's officials said the increases come in response to a similar move by competing chocolate producer Mars Inc., the maker of Snickers and M&M's. Hershey also blamed higher fuel prices, packaging costs and increases in benefits for its employees.
Sellers are expected to pass along the higher costs, meaning that come Valentine's Day, lovers will have to shell out more for those Hershey Kisses. Other affected products include Reese's Peanut Butter Cups, Kit Kat bars and Almond Joy candy bars.
