Companies behind Hershey and Cadbury signal possible price hikes amid cocoa surge

is on the horizon, but the price of chocolate may leave a bitter aftertaste for some people leading up to the sweet holiday.recently indicated they may raise prices on products again due to the rising cost of cocoa, which has gone up following torrential rain in major cocoa-growing regions that affected production.

"Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," said Michele Buck, president and CEO of the Hershey Company, in a Mondelz International, the company behind Cadbury chocolates, announced the possibility of a similar price hike for its products in a fourth quarter

The price of cocoa had skyrocketed to around $8,000 per metric ton as of Monday, more than doubling the price of cocoa from one year ago, according toIt also noted that "old trees in these countries are producing with lower yields."

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