Halloween this year will be scary for many Americans' wallets, as record inflation under the Biden administration has driven the price of candy to record highs.
Candy prices are up more than 13 percent from last year, the Labor Department reported, which represents the largest yearly increase ever recorded. The price hike is unfortunate timing for the Biden administration less than two weeks before the November midterm elections, as inflation and economy remain the top issues for voters.
All in all, Americans' spending on Halloween is expected to be on par with last year's record-breaking price tag, the Wall Street Journal reported:
Halloween shoppers should expect more tricks and fewer treats this year. The average household is expected to spend about $100 on candy, costumes, decorations and related items for this year’s holiday, according to data from the National Retail Federation, a retail trade group. That amount is the second highest the group has ever predicted, trailing only last year’s record of $103. By comparison, people spent around $74 for Halloween in 2015.
U.S. candy makers said inflation rates have driven up production costs and the price of ingredients like sugar, flour and milk. The cost of each of those items has outpaced the overall U.S. consumer inflation rate, which increased 8.2% in September from a year ago and hovered near a four-decade high, according to the Labor Department.
President Joe Biden has deflected blame for the United States' record inflation this year. But the Democratic House Majority whip Jim Clyburn (S.C.) last week admitted "all of us [congressional Democrats] knew" the president's $1.9 trillion American Rescue Plan that they passed last year would bring about inflation.