PENNSYLVANIA (WHTM) – For the second year in a row, the price of candy increased by double digits.
According to Datasembly, which tracks retail prices, Americans are paying an average of 13% more for candy and gum this month compared to October 2022.
We asked a community member their thoughts on this increase.
“I kind of expect that with all the prices for everything so I’m actually going in right now in the store now to purchase that, so I’ll probably be sticker-shocked as usual.”
When you look back another year, our candy costs have jumped by more than 25% since 2021.
An economist from the U.S. Bureau of Labor Statistics says there’s no single answer to why this increase happens.
“That can be due to a multitude of factors such as increase in sugar costs in order to make the candy. But also, the holiday season tends to be a time where people give candy or trick or treating. It’s one of the biggest holidays for candy consumers. So that is also another potential factor.”
Many candy makers including Hershey have said their costs have surged, everything from raw ingredients, to labor, to packaging.
During Hershey’s 2023 third-quarter earnings conference call, they said higher prices are taking a toll on demand.
“We know that value and affordability continue to be top of mind for consumers as budgets are stretched,” said Hershey President & CEO Michele Buck.