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 / Updated  / Source: Reuters

The price of your sweet tooth just went up! Mars Chocolate North America said on Wednesday it will raise its prices by an average of 7 percent "to offset rising costs," marking its first increase in three years.The price hike by the maker of Mars bars, Twix, M&Ms, Snickers and Skittles, follows a similar move by Hershey, the No. 1 candy maker in the United States. Hershey raised its chocolate prices last week about 8 percent due to soaring commodity costs. Mars Chocolate North America is a subsidiary of Mars Inc, the third biggest confectionery business globally next to Butterfinger-maker Nestle SA and Cadbury-maker Mondelez International, according to Euromonitor International. The cost of cocoa, a key ingredient in chocolate, has seen a meteoric rise in the past year, having climbed nearly 50 percent to a three-year high on Wednesday at $3,204 per tonne on ICE Futures. U.S. dairy prices have also soared.

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- Reuters