The amount you’re paying for Halloween candy is frightening

The Street
The Street
  • last year
TheStreet’s J.D. Durkin brings you the biggest news of the day, including a big week ahead for the Fed and why Halloween candy is so expensive.
Transcript
00:00 I'm J.D. Durkin reporting from the floor of the New York Stock Exchange and here is a
00:03 look at what we are watching on the street today.
00:06 Wall Street is gearing up for a banner week as investors brace for the all-important Federal
00:10 Reserve decision Wednesday, Apple earnings Thursday, as well as, of course, October jobs
00:15 report set for Friday.
00:17 As it stands, the U.S. Central Bank is widely expected to hold interest rates steady at
00:21 the upcoming meeting.
00:23 Investors expect the Fed is done raising rates for the year.
00:26 Meanwhile, as if inflation weren't already spooky enough, you can safely add that bag
00:31 of M&Ms to the list of things getting, ah yes, more expensive.
00:34 For the second year in a row, candy is seeing a double-digit inflation increase.
00:39 After candy and gum prices rose 14 percent in October of 2022, they still have increased
00:44 another 13 percent this Halloween.
00:48 But the high prices haven't exactly frightened Americans away from celebrating.
00:52 According to the National Retail Federation, consumers are expected to spend $3.6 billion
00:57 on candy this year, a 16 percent increase from last year.
01:01 One of the biggest factors in driving up the price is actually weather, believe it or not.
01:05 That's right, heavy rains in the Ivory Coast, which accounts for over 40 percent of the
01:09 global cocoa supply, have led to limited production.
01:13 As a result, cocoa prices are trading at a 44-year high.
01:17 This has led Hershey to raise its prices by 7 percent or more in each of the last seven
01:22 quarters.
01:24 When adding in costumes and decorations to the mix, Americans are slated to spend a record
01:28 $12.2 billion on Halloween this year.
01:32 That'll do it for your daily briefing.
01:33 From the floor of the New York Stock Exchange, I'm JD Dirken with the Street.
01:37 Thank you.
01:38 Thank you.
01:38 [BLANK_AUDIO]

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