This Halloween, don't get spooked by chocolate prices -- plan ahead and shop smart to save on treats.
According to a new report released Thursday by the Wells Fargo Agri-Food Institute, cocoa prices have more than doubled since early 2024, just as consumers are headed to the candy aisle for Halloween.
According to the analysis, heavy rains and droughts in West Africa -- which supplies 70% of the world's cocoa -- paired with crop disease has slashed cocoa production yields and caused the largest supply deficit in more than 60 years.
Among the world's top producers from Ivory Coast and Ghana, cocoa output dropped by more than 25% and 31%, respectively, in the last year, the report showed.
The International Cocoa Organization reported a 12.9% drop in global production, pushing prices to record highs.
Some candy companies like Hershey have previously weighed in on how the rising cost of ingredients has impacted their confection businesses. Hershey previously noted in July, however, that despite the overall price increases, it would not raise the price of its specially packaged Halloween candy, as The Associated Press reported.
The agriculture economic experts at the Wells Fargo Agri-Food Institute noted in their report that while prices have eased slightly from their peak, manufacturers are still facing higher costs for cocoa, energy, and packaging.
How to save on Halloween candy
Those concerned about the cost of trick-or-treat candies can follow a few simple tips when shopping this Halloween.
Look for treats with less cocoa, or consider opting for generic private label store brands.
"Off-label and non-cocoa options can save you 50–70%," the experts at Wells Fargo said in their report.
Additionally, keep an eye out for digital deals on platforms like Instacart or scope in-store savings via local supermarket apps.
