OAN’s Stephanie Stahl
3:52 PM – Monday, October 23, 2023
A major price hike for candy may be the scariest thing about Halloween this year.
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The cost of candy has jumped more than 13.1% since September 2022, according to the latest Bureau of Labor inflation data.
The data also predicts that the average household will spend nearly $35 on Halloween candy this year, compared to $30 in 2022.
The hike in prices are due in part to the escalating costs of the ingredients required for candy production. Inflation and the cost of living have also impacted labor expenses, as employees require higher wages to meet their living expenses.
“All the ingredients, from wrapping paper to the basic ingredients like sugar, and also the cocoa beans that we have imported from Africa,” said UCLA professor Christopher Tang, an expert on the supply chain.
This primarily stems from increased sugar costs, driven by extreme weather conditions, heightened energy prices, and supply chain challenges. Over the past year, the Consumer Price Index (CPI) for sugar and sugar substitutes has surged by 17.1%.
“So, as a result, every single ingredient, element, and the wages are going up,” Tang said.
According to the National Retail Federation, American consumers are expected to spend a collective $12.2 billion on Halloween this year, a notable increase from last year’s total of $10.6 billion.
Candy alone will also account for $3.6 billion this year, up from $3.1 billion in 2022.
Additionally, it is estimated that a total of $4.1 billion will be spent on costumes. Pet costumes are expected to account for $700 million.
The NRF’s data was collected through surveys of 8,084 consumers conducted from September 1st to September 6th, with a margin of error of plus or minus 1.1 percentage points.
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By: OAN
