Cadbury and Hershey plan more price hikes as cocoa prices grow

Chocolate makers had been passing the rising costs of cocoa on to consumers without losing much demand. File picture

Chocolate makers Cadbury and Hershey are planning more price hikes to cover a fresh record-setting surge in cocoa prices, even as inflation-hit consumers curb their purchases and company profits face a hit. 

Cocoa prices have roughly doubled over the past year, hitting a series of record highs in recent weeks due to shrinking supplies. Chocolate makers had been passing the rising costs on to consumers without losing much demand.