US Candy Inflation Hits Double digits

Candy and gum prices are up an average of 13 percent this month compared to last October, more than double the 6 percent increase in all grocery prices, according to Datasembly, a retail price tracker.

That’s on top of a 14 percent increase in candy and gum prices in October 2022.

“The price of candy has gotten to be outrageous,” said Jessica Weathers, a small business owner in Shiloh, Illinois. “It doesn’t make sense to me to spend $100 on candy.”

Other consumers are changing what they buy. Numerator, a market research firm, said its surveys show about one-third of U.S. consumers plan to trade down to value or store brands when buying candy for trick-or-treaters this year.

Weather is the main culprit for the higher prices. Cocoa prices are trading at 44-year highs after heavy rains in West Africa caused limited production in the season that began last fall. Now, El Nino conditions are making the region drier and are likely to linger well into the spring.

Kelly Goughary, a senior research analyst with Gro Intelligence, an agricultural analytics firm, said Ivory Coast — which produces around 40 percent of the world’s cocoa — is already showing the signs of one of its worst droughts since 2003.

Source: Hürriyet Daily News