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Hershey, Mars Raise Prices as Chocolate Costs Soar

While food in general is becoming increasingly expensive, chocolate is in the fast lane. Mars and Hershey have both announced price hikes of 7 and 8 percent, respectively, to cover rising supply chain costs. The cost of the cacao bean has risen 18 percent this year alone, due to a combination of poor yields from major suppliers and the growing demand for higher cocoa content in chocolate products. Earlier this year, the World Cocoa Foundation predicts the rate of increase in cocoa production "may slow in the coming years, as cocoa trees are sensitive to changing weather patterns," which could mean a price impact felt throughout the chocolate industry, reports Slate. Full Story