Will the soaring price of cocoa turn chocolate into a luxury item?
CBSN
Chocoholics beware: Getting your fix, which is already pricey, is likely to get pricier.
The Hershey Co. expects record-high cocoa prices as well as higher sugar costs to crimp its earnings growth, and it expects to offset the pain in part by raising prices, the candy giant said in February in reporting its latest financial results.
"Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," CEO Michele Buck, president told analysts.
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