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Chocolate and candy lovers get ready to pay more to satisfy that sweet tooth
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Hershey's says it's raising prices by double digits, blaming soaring cocoa costs that show no signs of coming down
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The Pennsylvania-based candy giant owns nearly 100 brands, including Hershey chocolate bars and kisses, Kit Kat, Reese's, and York peppermint patties
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The Wall Street Journal reports cocoa prices are now over $8,000 per metric ton
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up 70 percent compared to five years ago. About 70 percent of the world's cocoa comes from Ghana
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and the Ivory Coast in West Africa, where crops have been hit hard by extreme weather and fungal
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disease known as black pod rot. A Hershey spokesperson told CBS News this has nothing
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to do with tariffs or trade, just ingredient costs. Chocolate reportedly makes up two-thirds
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of Hershey's business. To offset future price spikes, the company has contracts to lock in and
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buy cocoa at set rates. It's not just Hershey. Swiss chocolate maker Lint Sprungli has also
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raised prices, as has Mondelez, which makes Oreo cookies, and Cadbury. Both blamed higher cocoa
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prices. Experts say don't expect relief anytime soon. For more unbiased updates
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