Halloween candy prices saw double-digit inflation for the second year in a row, spiking a whopping 13% since October last year.
The 13% average price increase for candy is more than double the 6% increase in other grocery prices, according to Datasembly, a retail price tracker. Datasembly looked at sales information from over 150,000 stores across 30,000 zip codes representing 200-plus retail banners.
Chocolate prices alone have spiked nearly 12%.
This year’s national candy inflation is actually less severe than the 20% inflation candy prices saw from October 2021 to October 2022.
East Coast states in particular are seeing higher candy prices.
Vermont saw a 14.7% price increase, Maine saw a 14.2% increase, and Pennsylvania saw a 14.2% increase.
Meanwhile, other states are seeing less of a price hike — Alaska saw a 7.1% price increase, Michigan saw a 7.5% increase, and Ohio saw an 8.1% increase.
At Walmart, an assorted variety bag of 375 mini-sized M&M’s, Twix, and Snickers costs $49.98.
At Target, an 18-piece variety pack of full-size Snickers, Twix, 3 Musketeers, and Milky Way sells for $16.99.
About a third of American customers planned to buy value or store-brand candy for trick-or-treaters this year, according to Numerator, which surveyed 4,500 people about their Halloween plans.
Also, fewer people planned to celebrate Halloween this year — only 61% of people, down from 65% who said so last year. Some were still undecided at the time of the survey, however.
Chocolate maker Hershey acknowledged this week that higher prices are affecting demand.
Hershey has raised its prices by at least 7% in each of the last seven quarters, and Hershey’s confectionary sales volumes in North America fell 1% between July and September.
“We know that value and affordability continue to be top-of-the-line for consumers as budgets are stretched,” Hershey’s president Michele Buck said Thursday during a conference call with investors.
“While candy price increases have cooled, the increase over the last 12 months will bring incremental pressure on top of last year’s record inflation,” Datasembly said in its analysis. “In an economy where shoppers are becoming more selective and careful with their dollars, manufacturers are hoping that candy maintains its strong position with consumers’ discretionary income.”
Inflation has been a major concern for Americans since the pandemic, from groceries to gas prices and other necessities.
In September, gas prices in some Southern California counties again skyrocketed to an average of over $6 a gallon.
Last week, a new report from the Alliance for Consumers estimated that the Biden administration’s rules and regulations may have forced a $9,000 price tag on American homeowners due to price hikes related to cars, washing machines, gas stoves, and dishwashers.
Post a Comment