The Hershey Company on Tuesday confirmed media reports it is raising candy prices as it battles rising cocoa costs. The price change will be a "low double-digit increase" and affect products across the company's confection portfolio,

While tariff increases are likely to make a significant impact on the company's bottom line, that's not the reason for the price hikes, the company says, instead attributing it to "the reality of rising ingredient costs including the unprecedented cost of cocoa."

Hershey and other chocolate makers are continuing to hike prices, saying a volatile cocoa market gives them no choice. Hershey, the maker of Reese’s, Whoppers, barkThins and other chocolate candies, said Wednesday that it will be raising U.