As kids get ready to go trick-or-treating for Halloween, the price of candy, chewing gum, and other sweets has reached its highest level ever recorded.
The US continues to suffer from 40-year high inflation, according to Politico. Prices for sweets rose 13.1% in September, an all time high. “Record levels of inflation, the rising cost of sugar, and drought conditions have all added up to make lighter loads for trick-or-treaters come Oct. 31,” according to the The Washington Examiner.
“Overall prices for Hershey, the makers of Reese’s, Kisses, Kit Kats, and Twizzlers, rose 14% this summer,” according to the outlet.
The price of candy has reached its highest recorded mark as “Bidenflation” hits the Halloween season.https://t.co/9aXuHEjxYR
— Luke Gentile (@lukegentile21) October 14, 2022
While the cost of sugar and sweets has skyrocketed to 14.4%, the cost of snacks has soared by 14.7%, according to the outlet. (RELATED: ‘Single Biggest Threat’: Obama Economist Explains Why The Inflation Risk Could Be Even Worse Than It Looks)
Regardless, the National Retail Federation predicts consumers will spend an estimated $10.6 billion on Halloween candy, decorations, and other Halloween related items.
Overall, inflation rose in September to 8.2% year-over-year, and jumped 0.4% over the previous month, according to the New York Post. Core inflation, which strips out volatile items like food and energy prices, rose 6.6% year-over-year and 0.6% from the previous month in September. Economists predicted CPI would fall 8.1% in September year-over-year, down from 8.3% the previous month.
The decline in overall inflation is largely attributed to the decline in energy costs, which are now on the rise again.