Chocolate maker Hershey issues warning over record cocoa prices

US firm expects rising costs to hit profits and sales as consumers cut spending on treats

The US chocolate maker Hershey has warned on profits and sales as a surge in the cost of cocoa to record levels pushes up the price of chocolate, hitting cash-strapped consumers in the pocket.

Global cocoa prices hit a record high of $5,874 (4,655) a ton on Thursday in New York as dry weather affects crops in west Africa, with poor harvests driving up prices in the region, which produces the bulk of global supply.