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Cocoa is up more than 40% over the past year from a production slowdown in the Ivory Coast after record production in 2017, explained commodities analyst Shawn Hackett, president of Hackett Financial Advisors. Consumers can expect to see higher chocolate prices at stores later in the year, Hackett said.Hershey reported Thursday that higher shipping and commodities costs will shave off 1.25% on its margins compared to last year.Related: Kiss of death? Healthier eating and surging cocoa prices are hurting HersheyOther food companies are feeling the commodities crunch, too.Cheerios and Wheaties maker General Mills said last month that higher costs for grains, fruits and nuts and shipping will raise production costs by 4%.General Mills CEO Jeffrey Harmening told analysts that the company would respond in part by hiking prices.Campbell Soup (CPB) and Kellogg (K) will face the sharpest rise in commodities prices among US food producers, Bernstein analysts predicted in a report earlier this month. Campbell’s inflation costs will rise 6% during the next year from a spike in wheat, while rising grain prices will push Kellogg’s cost inflation to 4% this year, the analysts estimated.

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