Candy Prices Scarier Than Halloween Masks... Up 13% from Last Year, Causing a 'Sticker Shock'
Record High Increase in Raw Material Prices Including Flour, Sugar, and Milk
Politicians Express Concern Over Rise Exceeding Consumer Price Index Growth Rate
[Asia Economy Reporter Yoon Seul-gi] Ahead of the Halloween festival where candy and chocolates are shared, candy prices in the United States have surged, increasing the burden on American consumers.
On the 25th (local time), the Wall Street Journal (WSJ) reported, citing U.S. Department of Labor statistics, that candy prices have risen more than 13% compared to a year ago. This is the largest increase ever recorded for candy prices. It is analyzed that the rise in candy prices was driven by increased costs of raw materials such as labor, flour, sugar, and milk.
With candy prices, an essential item for Halloween, rising sharply, American consumers are facing greater concerns. WSJ stated, "Consumers experienced 'sticker shock' at the candy aisle this month," adding, "They are at a crossroads, having to choose whether to overconsume sweets or to spend Halloween empty-handed." Sticker shock refers to consumers being shocked by the price tags (stickers) due to significant price increases.
According to the National Retail Federation, the average American household is expected to spend about $100 on candy, costumes, and decorations this Halloween. This is the second-highest expenditure ever, following $103 last year.
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Politicians have also voiced concerns over the candy price increase, which is higher than the overall U.S. Consumer Price Index (CPI) increase rate of around 8%. Senator Bernie Sanders (Independent, Vermont) recently pointed out on Twitter, "Halloween candy prices have risen 13.1% since last September, but the wealth of the family that makes Mars chocolate bars grew by 44% during the COVID-19 pandemic." Mars is a food manufacturer famous for products such as M&M's, Skittles, and Starburst.
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