Halloween just got more expensive as candy sales just shot up 13% from the year before, well outpacing inflation.
Key Details
- Costs of candy are skyrocketing right before its big day—Halloween.
- Inflation continues to affect multiple products including candy, causing prices to surge right before the holiday.
- Consumers might be met with limited supply and high costs as October 31 approaches.
Why it’s news
Candy prices are quickly rising right before one of the biggest candy-driven holidays—Halloween.
Americans spent around $3.1 billion on Halloween candy last year—purchasing around 600 million pounds of candy. This year, those prices could go up quite a bit as candy is being plagued by inflation.
Last month, the cost of candy and chewing gum jumped 13.1% from the year before, according to U.S. inflation data. This big jump comes right when Americans are stocking up for the holiday.
The main reason behind the big price jump is sugar. Refined sugar prices have soared due to beet-sugar plants being affected by droughts. Chocolate is also being affected by supply chain issues from the pandemic and then the war in Ukraine have spilled over into cocoa markets, according to Bloomberg writer Elizabeth Elkin.
Other ways candy has been affected
High prices might not be the only thing affecting the amount of candy in trick-or-treat buckets this year.
In July, we reported that Hershey warned of a candy shortage that could be making its way into the market. The company warned that a shortage could be in store due to supply-chain issues related to the war in Ukraine and the COVID-19 pandemic.
Company CEO Michelle Buck said that it would “not be able to fully meet consumer demand due to capacity constraints.” She stated that the 120-year-old company prioritized balancing its production “to improve everyday on-shelf availability” rather than ramping up manufacturing for the Halloween season.