Cost of Candy Soars by Record 13.1 Percent Before Halloween

Candy prices in the United States are soaring right before Halloween due to rising inflation.

American consumers are expected to spend a record $10.14 billion on Halloween this year, up from $8.05 billion in 2021, according to the National Retail Federation.

Trick-or-treating and Halloween parties are making a comeback after the pandemic curtailed such festivities.

“Americans plan to spend more than ever to make this Halloween a memorable one,” said NRF president and CEO Matthew Shay.

The average consumer is expected to spend $102.74 on costumes, candy, decorations, and greeting cards, according to the NRF’s annual survey, conducted by research firm Prosper Insights & Analytics.

At least $3 billion will be spent on candy, reported Fox Business.

However, prices for the popular Halloween treats, jumped 13.1 percent in September from last year, according to the government report, putting a dent in many celebratory plans.

Meanwhile, millions of Halloween shoppers are buying up candy well in advance, because of the supply issues and rapidly rising costs.

The NRF survey found that 45 percent of Halloween buyers shopped early in September, while 39 percent planned to make their purchases. during the first two weeks of October.

Inflation Hits Trick-Or-Treaters

Average inflation rates were up by an annual basis by 8.2 percent last month, as consumer prices hit a 40-year high, according to the latest inflation data from the Bureau of Labor Statistics.

The Consumer Price Index (CPI) in September, rose 0.4 percent, while the core CPI surged 0.6 percent.

The core consumer price index, which excludes food and energy, is up 6.6 percent from a year ago, at the highest level since 1982.

Food prices, including candy, have increased by 0.8 percent, while the cost of food at home is up 0.7 percent.

Prices have also risen in all six major grocery store food categories.

“As the COVID pandemic has shifted to the background, inflation has become public enemy number-one. Awaiting the monthly update on prices at the retail level, it appears the year-over-year change in the CPI will remain elevated through the end of the year,” Bankrate.com senior economic analyst, Mark Hamrick told Fox Business.

“There has been relief from high gasoline prices which tend to aggravate consumers the most, but elevated food and shelter prices appear to be sticking around for a while as unwanted visitors.”

A view of the Candy Baron shop in Laguna Beach, Calif., on Nov. 18, 2020. (John Fredricks/The Epoch Times) Cocoa and Sugar Shortages

One of the reasons behind the rise in candy prices is the rising cost of one key ingredient, sugar.

Refined U.S. sugar prices skyrocketed this year after drought slammed the beet-sugar crops used to make sugar in states up north.

Cocoa prices also took a hit in recent months, partly because of rising operational costs for chocolate makers.

The price surges for cocoa and sugar come just as the candy industry recovers from the supply chain chaos caused by the pandemic.

Another blow to the chocolate industry is the war in Ukraine,

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