Hershey blames an ‘unprecedented’ spike in cocoa prices, which remain 121% higher than two years ago|m01229|CC BY 2.0

Here’s a sweet treat: Hershey said yesterday it won’t raise Halloween candy prices this year. But brace yourself—chocolates are getting more expensive.

The confectionery maker announced that it plans to raise US retail prices later this fall due to soaring cocoa costs. 

Expect either smaller pack sizes or price jumps averaging in the low double digits. The company blames an “unprecedented” spike in cocoa prices, which remain 121% higher than two years ago. Cocoa futures were at $7,380 per metric ton yesterday.

Global brands feel the squeeze
Swiss chocolatier Lindt raised prices by 15.8% in the first half of 2025, while Sweden’s Cloetta and Nestle also hiked prices earlier this year to cope with higher cocoa costs.

The cocoa market is still volatile
Cocoa prices have more than doubled since 2023, driven by crop disease and extreme weather in West Africa, which supplies over 70% of global cocoa. 

A chocolate bar in the US now costs $3.45, which is up 41% from 2021. Sales of chocolates have dropped 1.2% over the past year, according to Nielsen IQ.