Halloween candy prices are up about 8% from a year ago
Candy prices are up about 8% from a year ago, federal data show, NBC News and Yahoo Finance reported. Halloween chocolate is up 15.5%, according to PwC figures cited by NBC News. In a new Ipsos poll, 51% of Americans picked chocolate as their favorite Halloween candy, ABC News reported.
Prices for candy and chewing gum are up about 8% from a year ago, according to the Bureau of Labor Statistics, NBC News and Yahoo Finance reported. Yahoo Finance reported a 7.7% rise in the September consumer price index, and NBC reported an 8.1% rise over the past year. ABC News reported that candy prices are about 13% higher than five years ago.
Halloween chocolate is up 15.5%, to an average of $5.67 a package, while nonchocolate candy averages $3.31, up 1.8%, according to PwC, NBC News reported. Market research firm NIQ has seen smaller increases, with chocolate overall up 9.4% from a year ago and Halloween-specific chocolate up 1.7%, NBC reported.
Industry experts blame a cocoa price shock after extreme weather hit key growing countries such as Ivory Coast and Ghana, NBC reported. "Because chocolate makers buy cocoa months, sometimes up to two years ahead, shoppers are paying for that spike now," said Ali Furman, PwC's consumer markets industry leader, according to NBC. Furman said cocoa prices have since fallen by about half, but lower costs will not show up on shelves this Halloween, NBC reported. Tariffs have also raised costs for chocolate makers, said Chris Costagli of NIQ, according to NBC.
An Ipsos poll released Friday found that 51% of Americans say chocolate is their favorite Halloween candy, ABC News reported. Gummies and jelly candy and sour candies each drew 9%, caramel candies drew 7%, and 15% said they don't like Halloween candy at all, ABC reported. The National Retail Federation projects Halloween spending will reach $13.5 billion this year, ABC and NBC reported.
Shoppers interviewed by NBC News said they plan to keep buying candy despite higher prices, and one Delaware shopper said he buys candy after Halloween, when stores cut prices, NBC reported. ABC News suggested comparing unit prices, buying in bulk at warehouse stores and choosing mixed candy bags instead of all-chocolate ones.
What we know: Candy prices are up about 8% from a year ago, and Halloween chocolate has risen faster, according to PwC.
What we don't: Whether falling cocoa prices will bring candy prices down before next Halloween.
Where outlets agree NBC News and Yahoo Finance both report that candy prices are up about 8% from a year ago, citing the Bureau of Labor Statistics.
Where they differ NBC News put the yearly rise at 8.1%, while Yahoo Finance cited 7.7% in the September data.