Hershey Co. said Friday it plans to raise prices on its products by an average of 11 percent as it tries to stem the impact of soaring commodities costs, and trimmed its projections for 2008 and 2009.
The candy company known for its chocolate bars bite-sized Kisses said the immediate increase was necessary to offset “significant increases” in the cost of raw materials such as sugar, cocoa and peanuts — up as much as 45 percent since the start of the year — as well as the growing cost of fuel, utilities and transportation.
“Commodity costs have been volatile over the last several years and continue to remain at levels that are well above historical averages,” Hershey’s President and Chief Executive David J. West said in a statement.
So the prices ramp up on oil, gasoline, groceries, services, and now chocolate? What in god’s name is going on? Sheeze, you’d almost begin to think we were headed for a recession…