Major company to hike prices on 1 in 4 products
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Home prices in the 20 biggest metros in the U.S. continued to slow as the housing market weakened under the weight of high mortgage rates and increasing unaffordability.
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Consumer products giant Procter & Gamble said it would raise prices on about a quarter of its products in the U.S.
The price changes will impact multiple products in Hershey’s portfolio that are made with chocolate. Among the items expected to increase in price are Hershey Kisses, KitKat, Reese’s and York Peppermint Patties. Hershey’s says price increases typically take around 90 days to take effect.
The Democratic Party’s official X account posted a graph of rising grocery prices on Thursday that showed massive spike during the Biden administration.
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The company, known for Reese's Peanut Butter Cup as well as its signature milk chocolate and Hershey's Kisses, confirmed the change to various media outlets this week. Hershey said that persistently high cocoa prices had forced it to raise prices by a "lower double-digit" percentage.
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The price change will be a "low double-digit increase" and affect products across the company's confection portfolio, according to a Hershey spokesperson. Founded in 1894, the Pennsylvania-based company owns over 90 brands including Hershey Kisses, KitKat, Reese's and York.
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When Japanese ice pop maker Akagi Nyugyo raised its prices a meagre 10 yen in 2016, its sombre-faced management appeared in a one-minute commercial, bowing silently in apology as a melancholy folk song lamented the inevitability of price hikes.