Dry weather has pushed up the cost of crucial candy ingredients, driving the prices of candy bars and packs of gum higher.
It’s easy for the budget to fly out the window ahead of Halloween — especially when it comes to treats. But consumers are spending more than ever on candy.
In fact, prices are up 7.5% from 2022, and 20% from 2021, according to the Bureau of Labor Statistics. But this isn’t just another inflation story — this time, it’s about the weather, too. Specifically, droughts. Low rainfall in parts of Asia, West Africa and Central America have affected two key ingredients: cocoa and sugar. And we know what happens when there’s high demand and low supply.
So now, the price of raw sugar is the highest it’s been since 2011, and the price of cocoa is the highest it’s been since the 1970s. As a result, consumers are expected to spend $3.6 billion on Halloween candy this year, or half a billion more than last year, according to the National Retail Federation.
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