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Price Of Hershey Chocolate Going Up

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Jan 28, 2008 2:36 pm US/Eastern

Price Of Hershey Chocolate Going Up

HARRISBURG, Pa (CBS4) ― Just in time for Valentine's Day, the Hershey Company which is the nation's largest candy maker, says it is raising the wholesale price of its chocolate bars for the second time in a year.

The company says it needs to make the move to offset rising energy and commodity costs.

It also says it is more exposed to the rising cost of milk and cocoa than its competitors, which include Mars and Nestle.

The price increase, effective immediately, boosts wholesale prices by about three percent on one-third of its domestic candy line.

That covers standard chocolate bars, king-size bars, six-packs and vending lines.

In April, Hershey raised wholesale prices of the same items by four percent to five percent.

No word from Mars and Nestle about whether they plan a price increase, as well.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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