Thursday, 24 July 2014

Chocolate bar prices rising as candy bar makers see higher costs

Otmane El Rhazi from CBC | Business News .

Britain Chocolate

Mars Inc., the snack company that makes M&M's, Snickers and their eponymous chocolate bar, said Thursday it will raise consumer prices for its products by an average of seven per cent to offset rising costs.
It's the first time the company has moved to hike prices since 2011.

The move comes after Hershey Co., the largest seller of chocolate in the U.S., said last week it would also raise prices by an average of about eight per cent.
"In the three years since our last price increase, in March 2011, we have invested significantly in the category and have experienced a dramatic increase in our costs of doing business," Mars said.

Globally, Mars is the third biggest confectionery business next to Nestle and Cadbury, which is owned by consumer goods conglomerate Mondelez International.

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