Hershey share prices were up 2.8% after the closing bell on Tuesday. The Hershey Company on Tuesday confirmed media reports it is raising candy prices as it battles rising cocoa costs.

Hershey announced Wednesday it will raise U.S. retail prices later this fall due to the cost of cocoa remaining near record highs. Some of the company's products will see a price hike in the low double-digit percentages, while others will have a smaller pack size.

The Hershey Co. says it’s not raising prices for Halloween candy this year. But here’s the bad news: Hershey and other chocolate makers are continuing to hike prices, saying a volatile cocoa market gives them no choice.