Inflated candy prices are what's scary this Halloween
If you're passing out candy this Beggars Night, expect to see extra-inflated candy prices, said Anne Villamil, an economics professor at the University of Iowa.
Driving the news: Everything at the grocery store is costing us a little extra.
- But candy is suffering from an even higher inflation rate than what we're generally experiencing, Villamil said.
By the numbers: Candy prices jumped 13% in comparison to last year, the largest one-year jump ever recorded by the Bureau of Labor Statistics, Villamil said.
How it happened: Flour, sugar, milk and labor costs all contributed to the spike.
Yes, but: Halloween candy's elasticity, how much consumers are willing to pay, has also contributed to the increase.
- Halloween comes just once a year, driving droves of people to the grocery store for fun-size bars. Outside of Halloween season, candy may settle down in costs.
Zoom in: Not all candy prices jumped equally. Mars has come under scrutiny for increasing the price of candies like Skittles and Starbursts at a higher level than its competitors.
The bottom line: The average house is expected to spend $100 on Halloween for candy, costumes and decorations this year, Villamil said.
But of course, it's all a choice.
- "If you don't want to participate in this, you just turn your lights out and don't answer the door and hope you're not gonna get a trick," Villamil said.
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