Chocolate prices continue to soar this Valentine’s Day

Sweet treats this Valentine’s Day continue to come with the bitter reality of higher prices.

According to a recent report from LendingTree, across 39 Valentine’s Day chocolates, 82% had a higher price, with an average cost increase of nearly 12%.

A global shortage in 2024 caused cocoa prices to soar, hitting a record $13,000 per metric ton, but they’ve since eased to two-year lows of $3,700 per metric ton. Tariff pressures also remain for some—while the Trump administration lifted tariffs on cocoa in November, finished products coming from the European Union still face a 15% tax.

Some price relief could be coming by midyear, analysts told Bloomberg in December, but prices are still elevated as companies work through last year’s cocoa supply.

Price check: A king-size two-pack of Reese’s hearts, which jumped 13% last year, is up nearly 12% to $2.89 at Target today. After a 12% increase last year, a 10.8-oz bag of milk chocolate Hershey’s Kisses climbed another 9% to $5.99 this year. And Mars’s Cupid’s Blend M&Ms jumped 17% to $5.49 this year.

While Lindt previously sold a 6-oz. bag of milk chocolate truffles at Target for $5.99, that item appears to no longer be available, with a 5.1-oz bag now retailing for $6.99—a 37% price per ounce increase (and a prime example of shrinkflation). Lindt’s 85% cocoa dark chocolate bar skyrocketed from $3.69 to $5.89, a nearly 60% climb.

Hershey announced double-digit percentage price hikes mid-last year, citing higher cocoa costs. The chocolate giant saw 7% net sales growth in Q4, with price bumps offsetting volume decline, particularly in its North America Confection unit. The company anticipates 4%–5% sales growth for 2026, with help from higher prices. Hershey President and CEO Kirk Tanner said last week its pricing increases this year don’t fully cover cocoa inflation, but deflation in the cocoa market “takes future pricing pressure down.”

Lindt parent Lindt & Spruengli said in January it saw organic sales growth of 12.4%, which it attributed to 19% price increases, and anticipates 6%–8% sales growth in 2026.

Dread of roses: Several other Valentine’s Day categories are seeing price hikes, per a new report from Groundwork Collaborative and The Century Foundation released this week. Rose bouquet prices are up 16.6%, while boneless ribeye steaks have increased 25.4%, and European wines could be up as much as 30%.

Higher price tags could help meet NRF’s expectation of a record $29.1 billion in Valentine’s Day spending this year, as 56% of consumers plan to buy candy, while 41% said they’ll purchase flowers, and 39% will spend the evening out