The next time you go to the movie theater you might want to reach for the Twizzlers rather than loading up on the M&M’s and Snickers bars, because chocolate is getting pretty pricey.
Mars Chocolate North America, the maker of the aforementioned chocolatey treats, said Wednesday, July 23, that it would be raising its prices by an average of 7 percent to make up for higher ingredient costs, Reuters reports.
Mars’s move came shortly after Hershey, the maker of Kit Kats and Reese’s Cups, announced last week that it would be hiking prices by 8 percent due to rising commodity prices.
Why the confectionery coin pinching?
The cost of cocoa is sky-rocketing, climbing 9 percent this year, to levels “not reached since 2011,” The Wall Street Journal reports.
Consumption of cocoa is on the rise, so before you get grouchy about spending a little more around Halloween, remember who’s to blame. Singapore-based Olam International Ltd., one of the world’s largest cocoa traders, told WSJ they expect world-wide consumption of cocoa to increase by 3.5 percent this year.
Yes, you’ll have to pay more for your Mr. Goodbar, but this is probably better than the alternative. The Wall Street Journal said the mammoth candy companies that announced these price hikes were probably deciding between either boosting retail prices to cover added costs, shrinking the size of candy bars, or seeking substitutes for cocoa. And no one wants a shrunken Hershey Kiss. That would just be sad.