Low rainfall in places like Mexico, India and Ivory Coast could lead to lighter sacks of candy for trick-or-treaters this Halloween, as disappointing sugar and cocoa harvests have pushed up candy prices.<\/p>\n
The price of candy is up 7.5 percent from last year and 20 percent from 2021, according to the latest data from the Bureau of Labor Statistics. That is a steeper climb than inflation overall, and has been driven by a spike in the prices of crucial ingredients like sugar and cocoa, which are the highest they\u2019ve been in global wholesale markets in decades.<\/p>\n
That\u2019s because of poor harvests stemming from hot, dry weather and the high cost of fertilizer, among other factors. Sugar cane, which is processed into sugar, and cocoa, a key ingredient in chocolate, are especially sensitive to periods of low rainfall in the tropical regions where those crops grow, like parts of Asia, Central America and West Africa.<\/p>\n
Source: Bureau of Labor Statistics<\/p>\n
By The New York Times<\/p>\n
The United States relies on sugar imports from Mexico, which saw sugar production fall by more than 15 percent this year as a result of drought conditions, according to the U.S. Department of Agriculture. The price of raw sugar traded in global markets, recently around 27 cents per pound, was the highest since 2011.<\/p>\n
Parts of Asia, home to several top sugar producers, have also experienced dry weather that hit harvests. India, one of the largest sugar producers in the world, has restricted sugar exports to protect its domestic supply.<\/p>\n
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