Scary high inflation has made popular Halloween candy staples more costly than ever.
Candy and chewing gum costs are 13.1 percent more this year than last, the highest rise ever recorded. As a result, it may be more difficult this year to distribute Halloween candies such as Twix, Skittles, Reese’s, Starbursts, and Kit Kats.
Using information from Datasembly, Bloomberg reports that the following confectionery brands saw the most price increases between September 1, 2021 and October 16, 2022:
Candy 2021 2022 Increase
Skittles $3.13 $4.43 41%
Twix $4.95 $7.60 53%
Starburst $3.04 $3.95 30%
Reese’s $5.92 $8.01 35%
Kit Kat $4.92 $5.98 21%
Other brands, such as Snickers, which increased by 12 percent, M&M’s, which also increased by 12 percent, and Sour Patch Kids, which increased by 10 percent, did not surpass the rate of inflation for candies, but they did outpace the rate of inflation for the broader economy, which was 8.2 percent.
Even after accounting for store special discounts, Skittles cost $3.37, a 29 percent increase; Starbursts cost $3.22, a 22 percent increase; M&M’s cost $3.88, an 18 percent increase; and Twix cost $4.76, a 17 percent increase.
In order to save money, several other businesses have turned to shrinkflation. According to the Washington Post, this year’s dark chocolate Hershey Kisses are two ounces smaller than last year’s and the Cadbury Chocolate bars are 10% smaller.
The increase in candy pricing, as previously reported, can be caused by rising manufacturing costs and price hikes for sugar (14.4 percent), milk (15.2%), and wheat components (24.2 percent).
The present drought that is impacting sugar beet harvests is the primary cause of the sky-high production costs. According to Forbes, American farmers have decided to grow less sugar beets in order to save money. This is due to the fact that sugar beets require fertilizer, a commodity which has seen a hampered supply due to supply chain issues, the conflict in Ukraine, and rising inflation.
Americans are expected to buy a record $10.6 billion worth of Halloween candy this year, with an average of $102.74 spent per family. In 2015, the average family spent $74.34 on Halloween expenses.