Hershey Co. will immediately increase prices on its candy by an average of 11 percent because of rising commodities prices.
The chocolate maker said Friday that the increased prices on products will help offset "significant increases" in the cost of raw materials such as sugar, cocoa and peanuts, as well as the growing cost of fuel, utilities and transportation.
Separately, the company also narrowed its 2008 earnings and revenue guidance because of the price hikes.
Hershey shares fell $2.37, or 5.7 percent to $39.25 in after hours trading, after closing regular trading up $0.43 at $41.62.
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