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.