Lately, "inflation" seems to be the media's favorite word. Everywhere you turn, there's another story about the impact of inflation. For example, many news outlets have reported that confectionary prices have surged over 30% from last year's Halloween.
If we break down some of our favorite candy, the news isn't sweet. According to the U.S. Bureau of Labor Statistics, prices for peanut butter are nearly 9 percent higher compared to 2021. And Cocoa, chocolate's main ingredient, has also risen by more than 9 percent since December.1,2
However, although current inflationary pressures are nothing to joke about, some seasonal signs of hope are on the horizon.
Consumer confidence remains high despite the squeeze we're all feeling. Goblins and ghouls will collectively spend $3.1 billion on candy alone, outpacing last year's spending of about $3 billion. What does this suggest to us? Consumers, the driving force of our economy, are confident despite the many financial challenges they currently face.3
So today, October 31, remember that whether you're handing out the sweetest of treats or helping your little ones hunt for full-sized candy bars, our confidence in one another and our nation will carry us through these challenging times.
Happy (and safe) Halloween!
1. Washingtontimes.com, October 5, 2022