The company said the price increase takes effect immediately. However, consumers may not see the impact on store shelves right away. Many retailers will be able to buy products at the old prices for about 8 weeks.
Hershey said that it expects most of the financial benefit from the increases to be reflected in its 2012 results. The decision comes just weeks ahead of Easter, one of the most popular candy consumption holidays.
Hershey (NYSE:HSY) said it raised wholesale prices by 9.7% due to fuel, raw materials and transportation costs.