Chocolate prices are soaring, up nearly 30% since last Halloween and 78% in the past five years. Hershey and Mars have raised prices, warning of softer holiday sales. Candy prices are outpacing national inflation, but 2025 is expected to set a record for U.S. candy sales, with $3.9 billion spent on Halloween candy alone.
As chocolate prices rise, fruity, sour, and chewy candies are gaining popularity, with gummy candies a top choice for Halloween. Non-chocolate candy sales are up, especially among Gen Z, who prefer gummies, freeze-dried sweets, and unique flavor combinations. Manufacturers are innovating with new products to offset rising costs and meet changing consumer preferences. 1. The World Health Organization reports that the number of COVID-19 cases worldwide has surpassed 200 million, with the Delta variant causing a surge in infections. Vaccination efforts are being ramped up to curb the spread of the virus.
2. In economic news, the U.S. economy added 943,000 jobs in July, surpassing expectations and signaling a strong recovery from the pandemic-induced downturn. The unemployment rate fell to 5.4%, the lowest since the start of the pandemic.
3. Tech giant Apple has announced plans to scan iPhones for child sexual abuse images using advanced technology. The move has sparked concerns about privacy and surveillance among users and digital rights organizations.
4. Wildfires continue to ravage parts of California, Oregon, and other western states, with over 100 large fires burning across the region. The fires have destroyed homes, forced evacuations, and prompted calls for increased action on climate change.
5. The Tokyo Olympics have come to a close, with the United States topping the medal table with a total of 113 medals, including 39 gold. The Games were held under strict COVID-19 protocols, with athletes facing numerous challenges and restrictions.
Read more at CNBC
1. The stock market experienced a significant drop today, with the Dow Jones Industrial Average falling by over 500 points due to concerns about inflation and rising interest rates.
2. Tesla announced plans to open a new gigafactory in Texas, which is expected to create thousands of jobs and boost the local economy.
3. The Federal Reserve decided to keep interest rates unchanged, citing the need for further economic recovery before considering any rate hikes.: Chocolate Halloween candy hit by inflation, tariffs, high cocoa prices