Hershey raises candy prices 11 percent

HERSHEY, Pa., Aug. 16 (UPI) -- Hershey Co. is giving chocolate lovers some not-so-sweet news, saying it is raising its retail candy bar prices by 11 percent to cover surging costs.

The candymaker, based in Hershey, Pa., says rapidly rising prices for cocoa, corn sweeteners, sugar and peanuts is forcing the retail price hikes for its single Hershey chocolate bars, bags of Hershey Kisses and multi-bar packs, MarketWatch reported.

In addition to the price hikes, Hershey warned Friday that its 2008 profit would come in at the low end of expectations.

A company statement said prices for cocoa and the other commodities Hershey uses have jumped 20 percent to 45 percent since January, MarketWatch said.