NEW YORK – Mars Chocolate North America announced a price increase last week, which follows a similar July 15 announcement by The Hershey Company.

Mars said on July 23 that is raising its prices by an average of 7% to offset rising costs — its first increase in three years.

"In the three years since our last price increase, in March 2011, we have invested significantly in the category and have experienced a dramatic increase in our costs of doing business," a Mars spokesperson said in an email to Reuters.

On July 15, Hershey announced an increase in wholesale prices across the majority of its U.S., Puerto Rico and export portfolio.

“Over the last year key input costs have been volatile and remain at levels that are above historical averages,” said Michele G. Buck, president, North America, The Hershey Company. “Commodity spot prices for ingredients such as cocoa, dairy and nuts have increased meaningfully since the beginning of the year. Given these trends, we expect significant commodity cost increases in 2015.”