Is there an awk one-liner or two-liner for doing this? [merge lines and add column values]

Is there an awk one-liner or two-liner for doing this? [merge lines and
add column values]

So I have a laaaaaaaarge file like this:
Item|Cost1|Cost2
Pizza|50|25
Sugar|100|100
Spices|100|200
Pizza|100|25
Sugar|200|100
Pizza|50|100
I want to add all Cost1s and Cost2s for a particular item and produce a
merged output.
I've written a python code to do this,
item_dict = {}
for line in file:
fields = line.split('|')
item = fields[0]
cost1 = fields[1]
cost2 = fields[2]
if item_dict.has_key(item):
item_dict[item][0] += int(cost1)
item_dict[item][1] += int(cost2)
else:
item_dict[item] = [int(cost1),int(cost2)]
for key, val in item_dict.items():
print key,"|".join(val)
Is there anyway to do this very efficiently and quickly in awk or using
any other wizardry?
Or can I make my python more elegant and faster?
Expected Output
Pizza|200|150
Sugar|300|200
Spices|100|200