A scary Halloween as candy prices rise by 13.1%
Getting ready to trick or treat? Well, there might be less candy around this year as prices have risen by 13.1% from last year, according to the most recent inflation report from the Bureau of Labor Statistics.
For a bag of candy that costs $15, that increase will be about $2.
This jump is the largest in candy prices the CPI has ever recorded. To compare, it took nine years — from 1997 to 2006 — for candy prices to rise 13%.
Part of the reason is because sugar and flour are more expensive.
Sugar is up over 17% since last September, with supply chain disruptions and a poor beet sugar production year contributing. Flour prices rose even more at 24%.
But despite high prices, Americans are expected to spend about $3.1 billion on candy this season, according to the National Retail Federation.
To combat some of the rising costs, some candy makers are keeping the costs the same. According to The Wall Street Journal, Hershey said last week that it hadn’t raised the prices of some of its candy since June.
Overall, Halloween shoppers should expect more tricks and fewer treats this year. The average household is expected to spend about $100 on candy, costumes, decorations and related items this year. That amount is the second highest the National Retail Federation has ever predicted, trailing only last year’s record of $103.
Sources
NPR: The cost of candy is up a scary 13% just in time for Halloween
U.S. Bureau of Labor Statistics: Consumer Price Index for All Urban Consumers
National Retail Federation: Halloween Participation Returns to Pre-Pandemic Levels with Record Spending
The Wall Street Journal: Soaring Inflation Pushes Halloween Candy Prices Scary High
This story was originally published October 27, 2022 at 10:34 AM with the headline "A scary Halloween as candy prices rise by 13.1%."
