Hershey raises candy prices by nearly 10%

Hershey Co announced a 9.7% increase in wholesale prices on products across its portfolio and affirmed its full-year outlook.

The maker of Reese's Peanut Butter Cups and Twizzlers said the price increase went into effect on Wednesday and was meant to help offset higher costs for raw materials, packaging, fuel utilities and transportation.

Hershey said it still expects its 2011 net sales and earnings to be around the high end of its long-term targets, which call for a 3 to 5 percent rise in net sales and a 6 to 8% rise in earnings per share.