The cost of candies and chocolates has soared scarily high with Halloween just 23 days away.
A new report from Wells Fargo says the increase in candy and chocolate prices is due in part to a shortage of cocoa beans, which is expected to cut overall production by 14%.
About 70% of the world's cocoa is produced from cocoa beans grown in West Africa but for the past two years, weather pattern changes have hindered cocoa bean growth, forcing companies to pay more for cocoa beans to keep up with demand.
Companies behind Hershey and Cadbury chocolate signal possible price hikes amid cocoa cost surgeThis Halloween season, Americans are expected to spend approximately $3.5 billion on candy and will shell out more for less candy.
However, there are still some Halloween candy deals to be found.
Target is offering two 70-piece Hershey's candy bags for $15 (with a buy one get one at 50% off promotion).
'Shrinkflation' hits the Halloween candy marketWalmart is also selling 125-piece candy and chocolate bags with Reese's and KitKats for $15 each during its holiday sales event.
On Amazon, a 5-pound bag of candies with favorites like Tootsie Rolls and Dots will set customers back $15.
