NEW YORK (Reuters) -The makers of Hershey and Cadbury chocolates are planning more price hikes to cover a fresh record-setting surge in cocoa prices, even as inflation-hit consumers curb their purchases and company profits face a hit. Cocoa prices have roughly doubled over the past year, hitting a series of record highs in recent weeks due to shrinking supplies. Chocolate makers had been passing the rising costs on to consumers without losing much demand.
Six Cadbury chocolate desserts have been recalled in the United Kingdom over fears of contamination with the Listeria virus, deeming them unfit for consumption, especially by pregnant women.
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