Share this @internewscast.com

Spooked by the high price of Halloween candy? There’s not much relief in sight.

For the second year in a row, U.S. shoppers are seeing double-digit inflation in the candy aisle. Candy and gum prices are up an average of 13% this month compared to last October, more than double the 6% increase in all grocery prices, according to Datasembly, a retail price tracker. That’s on top of a 14% increase in candy and gum prices in October 2022.

“The price of candy has gotten to be outrageous,” said Jessica Weathers, a small business owner in Shiloh, Illinois. “It doesn’t make sense to me to spend $100 on candy.”

Weathers said she usually buys plenty of candy for trick-or-treaters and events at school and church. But this year, she only bought two bags and plans to turn off her porch light on Halloween when she runs out.

Other consumers are changing what they buy. Numerator, a market research firm, said its surveys show about one-third of U.S. consumers plan to trade down to value or store brands when buying candy for trick-or-treaters this year.

Weather is the main culprit for the higher prices. Cocoa prices are trading at 44-year highs after heavy rains in West Africa caused limited production in the season that began last fall. Now, El Nino conditions are making the region drier and are likely to linger well into the spring.

“There may be no price relief in sight, at least through the first half of 2024,” said Dan Sadler, principal of client insights for Circana, a market research firm.

Kelly Goughary, a senior research analyst with Gro Intelligence, an agricultural analytics firm, said Ivory Coast — which produces around 40% of the world’s cocoa — is already showing the signs of one of its worst droughts since 2003.

Meanwhile, global sugar prices are at 12-year highs, Goughary said. India, the world’s second-largest sugar producer after Brazil, recently banned sugar exports for the first time in seven years after monsoon rains hurt the upcoming harvest. Thailand’s output is also down.

Those costs, combined with increases for labor, packaging, and ingredients like peanuts, are pushing up prices for all kinds of candy.

Discount grocer Aldi is advertising a 250-piece variety pack of Mars Inc. chocolate bars — including Milky Way, Twix and Snickers — for $24.98. Two years ago, the same package was advertised at $19.54.

Hershey Co. — which has raised its prices by 7% or more in each of the last seven quarters —acknowledged this week that higher prices are taking a toll on demand. Hershey’s North American confectionary sales volumes fell 1% in the July-September period.

“We know that value and affordability continue to be top-of-the-line for consumers as budgets are stretched,” Hershey’s President and CEO Michele Buck said Thursday on a conference call with investors.

Buck said Hershey is trying to meet consumers’ needs with offerings in value stores and pack sizes at various price points.

Share this @internewscast.com
You May Also Like
Bryan Kohberger fights $27K restitution for victims’ families while taking money behind bars

Bryan Kohberger Contests $27K Restitution for Victims’ Families Amid Inmate Financial Gains

Today, Bryan Kohberger’s legal team is set to present their case before…
Democrats win key Georgia special elections seen as midterm bellwethers

Democrats Secure Crucial Victories in Georgia Special Elections, Signaling Midterm Momentum

In a significant political shift, Democrats are anticipated to secure two seats…
UChicago professor posts vile social media comment on Dick Cheney hours after his death

UChicago Professor Sparks Controversy with Disturbing Social Media Post Following Dick Cheney’s Death

In a passionate outcry, a University of Chicago professor, recently entangled in…
Coach Antoan Richardson leaves Mets for Braves in disagreement about ‘value’

Coach Antoan Richardson Departs Mets for Braves Amid ‘Value’ Dispute

In a move that reshapes the coaching landscape within the NL East,…
UPS plane crash in Louisville, Kentucky: At least 7 dead, 11 injured as plane crashes while departing Louisville airport

Tragic UPS Plane Crash in Louisville: 7 Fatalities and 11 Injuries Reported at Airport Departure

LOUISVILLE, Ky. — A UPS cargo plane tragically crashed and erupted into…
'They were good men': Daughter, sister share fond memories of men killed in Blackshear shooting

Heartfelt Memories: Family Honors Loved Ones Lost in Tragic Blackshear Shooting

The daughter and sister of two victims tragically slain in their Blackshear…
Zohran Mamdani’s win in NYC mayor race greeted with cheers and also some fear

Zohran Mamdani’s Historic NYC Mayoral Victory Sparks Celebration and Concerns: What It Means for the City

In a historic development, Zohran Mamdani clinched victory in the New York…
FAA Set to Take Drastic Action at Major Airports by Cutting Thousands of Flights During Schumer Shutdown

FAA Announces Significant Flight Reductions Amid Schumer Shutdown to Alleviate Major Airport Congestion

The Federal Aviation Administration (FAA) has revealed plans to reduce the number…
Man shot, killed at Jacksonville hookah lounge; shooter taken into custody after calling 911, police say

Jacksonville Hookah Lounge Shooting: Suspect in Custody After 911 Call Following Fatal Incident

The Jacksonville Sheriff’s Office reported that the alleged shooter was escorted to…
College student vanishes on Halloween just 'minutes' from home

Urgent Search: College Student Mysteriously Disappears on Halloween Night Near Home

Authorities in South Carolina are actively searching for a 19-year-old college student…
18-year-old involved in police chases in two cities arrested in Eufaula

Teen’s High-Speed Escapades End in Eufaula: Arrested After Two-City Police Chase

EUFAULA, Ala. (WRBL) — A teenager finds himself in custody following a…
Who went home on 'Dancing with the Stars'? Another surprise elimination on Rock & Roll Hall of Fame Night

Shocking ‘Dancing with the Stars’ Exit: Rock & Roll Hall of Fame Night Sends Fan Favorite Home

In a spirited tribute to the Rock & Roll Hall of Fame,…