Dry conditions in Mexico, West Africa, and India are pushing the cost of candy up which could leave trick-or-treaters with less bounty this Halloween. According to the latest data from the Bureau of Labor Statistics, candy prices are up 7.5% compared to last year, and are 20% higher than 2021.
Cocoa prices are trading at a 44-year-high, and global sugar prices are at 12-year highs.
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The rise in candy cost is thanks to poor harvests related to dry weather along with the high cost of fertilizer. West Africa, which produces most of the world’s cocoa, is facing one of its worst droughts in 20 years.
According to the U.S. Department of Agriculture, Mexico, a top U.S. sugar supplier, saw its sugar production fall more than 15% this year due to drought.
The USDA said the decrease in production in Mexico “is due to high fertilizer prices and drought conditions in the main growing regions like Veracruz and Jalisco.”
India, another top sugar producer, has also been hit with dry weather which has affected this years harvest. India has restricted sugar exports to protect its domestic supply.
The rise in candy cost comes as Americans have already been dealing with high food costs. According to the U.S. Government Accountability Office, from 2021 to 2022, retail food prices rose 11%, the largest annual increase in more than 40 years.
“Many factors that affect the food supply chain can affect retail food prices,” the GOA said. “Such factors include global trade issues, weather events and climate change, animal and plant disease, the COVID-19 pandemic, and the Russia-Ukraine conflict.”
Shoppers are expected to spend $3.6 billion on Halloween candy this year, up 16% from last year, per the National Retail Federation.
Straight Arrow News business correspondent Simone Del Rosario has more spooky stats in her latest Five For Friday.
