Hershey to raise prices on its chocolates owing to high cocoa costs

July 22 (Reuters) - Hershey HSY.N said on Tuesday it has told retailers that it would be raising prices on its candies due to a surge in costs of cocoa, the key ingredient for its products.

"This change is not related to tariffs or trade policies. It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," a company spokesperson told Reuters.

Hershey did not clarify the extent of price increases and which products will be impacted.

Cocoa prices have risen sharply in the last two years due to supply problems in Ghana and the Ivory Coast, touching a record in December. Since then, the price of cocoa has fallen to an eight-month low, though it remains elevated above levels from earlier in the decade.

Bloomberg was the first to report the company was implementing a roughly double-digit price increase.