spot_img
lunes, diciembre 23, 2024
spot_img
HomeHalloween Candy Prices Rise Again – One America News Network

Halloween Candy Prices Rise Again – One America News Network

-

Halloween Candy Prices Rise Again – One America News Network

(Photo by David Dee Delgado/Getty Images)

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. 

Advertisement

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.

Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts

Advertisement

Share this post!

Source link

Related articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0FollowersFollow
0SubscribersSubscribe
spot_img

Latest posts

es_VEEspañol de Venezuela