Expect Halloween candy to be a pricier treat this year. In September, candy prices were up 13.1% compared to a year ago, according to data from the US Bureau of Labor Statistics. That’s higher than the consumer price index for food at 11.2%.
The cost of candy has gone up due to droughts hurting sugar-beet crops in northern US states, and supply chain disruptions for chocolate makers related to the Russia-Ukraine war, reported Bloomberg.
What will holiday spending look like with soaring inflation?
Consumers are expected to spend $100 on average per person for Halloween candy, decorations, and costumes, which is about the same amount as last year’s record high, according to the National Retail Federation. It’s not clear how much of that is due to inflation. After a period of pandemic-related lockdowns, more Americans are planning to celebrate the spooky day, filled with mini chocolate bars and the ever-controversial candy corn.
Holiday spending comes during a time when inflation is squeezing wallets, with many people starting their holiday shopping in October to spread out spending and get in on early deals. What consumers spend on Halloween candy could suggest how the rest of holiday spending will go this year. That said, most US shoppers say finances are factoring into their holiday shopping decisions, according to a survey earlier this month. Executives across the retail industry have said that they plan to offer more promotions this holiday season than usual.
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