Oct. 26 (UPI) — Just days ahead of Halloween, candy prices are climbing significantly, due in large part to rising inflation over the last year, according to data released this week.
Prices of sweet treats are expected to be 14% higher than the same time one year ago, according to a report by S&P Global Market Intelligence.
“A 14% increase in candy prices is the largest on record by a significant margin,” S&P Global Market Intelligence senior economist Akshat Goel told CNN.
“This year’s projected bump is twice the 7% jump recorded in 2008, during the financial crisis. That was the next highest increase tracked by the firm.”
The increase is the highest annual jump since the firm started tracking Halloween candy prices in 1999.
It is estimated that Americans will spend more than $3 billion on Halloween candy this year, according to the National Retail Federation.
The 10 most popular U.S. candy brands have seen an average price increase of 13% since 2021, according to the Datasembly Grocery Price Index.
The list was topped by Skittles at 42%, followed by Starburst at 35%. Both are owned by Mars. M&Ms, another Mars brand, were up by 14%. A fourth Mars-owned brand, Twix, was up by 13%. Hershey-owned Reese’s climbed 14%.
The country’s continuing battle to rein in inflation is the chief culprit behind the price hike.
Consumers are also seeing smaller items for the same price, a condition known as “shrinkflation,” another result of inflation.
Earlier this month, the federal government reported the Producer Price Index increased 0.4% from August to September, about twice as high as expected.
The PPI is a gauge of the prices paid to U.S. producers for their goods and services and is used as a measure of wholesale inflation.
