Americans preparing to have fun on Halloween may be spooked by the price of chocolate this year.
This season, retailers are offering more non-chocolate candies as chocolate prices have risen over 40 percent since 2020, NewsNation reported on Sunday.
Although candy manufacturers are grappling with rising cocoa prices, Americans are expected to shell out $3.5 billion on sweet treats for the haunted holiday.
“Yet, while chocolate remains the highest-priced treat with some bags of Halloween candy retailing for as much as almost $20 at stores like Target, non-chocolate offerings are also costing more as well,” the outlet said.
According to Good Morning America, there has been a shortage of cocoa beans resulting in higher prices. The outlet noted that 70 percent of cocoa beans are produced in West Africa, but changing weather patterns have made it difficult for growth:
In October 2022, inflation meant Halloween candy and chewing gum prices were 13.1 percent higher than the year before, making it the largest increase on record, Breitbart News reported.
The outlet continued:
As Breitbart News previously reported, the surge in candy prices can be attributed to high production costs and price increases for sugar (14.4 percent), milk (15.2 percent, and flour ingredients (24.2 percent).
The high production costs are a result of a current drought affecting sugar beet crops. Since sugar beets require fertilizer, which has been affected by supply chain issues, the Ukraine War, and high inflation, U.S. farmers have opted to plant fewer sugar beets to save on costs, Forbes noted.
In 2023, overall spending on Halloween was expected to hit a record $12.2 billion, Breitbart News reported at the time.
“The fifteen percent increase in expected spending is only partly a response to inflation. The broad consumer price index was up 3.7 percent in September compared with 12 months earlier. The index of candy prices, however, is up by a much sharper 7.5 percent,” the article said.