Executives from Hershey and Cadbury each pointed to possible additional price hikes in recent earning calls, identifying rising cocoa costs as a main culprit behind the increases. "Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," said Michele Buck, president and CEO of the Hershey Company, in a Feb. 8 earnings call. Hershey has already raised prices on some grocery and food service items this year, with the latest increase last month, according to executives.