US residents will spend a record $4.1 billion on Halloween candy this year due to rising chocolate prices, reports The Wall Street Journal.

Cocoa-based candies are more expensive than ever in 2024. This is due to general inflation and weather conditions, which has led to a decrease in the yield of cocoa beans and, as a result, an increase in chocolate prices.

“Chocolate prices have reached record highs,” said Ofir Ardon, chief business officer with agricultural research firm Agritask.

In its most recent report, the U.S. Bureau of Labor Statistics said that chocolate sellers were receiving substantially more money for their products versus last year, with the producer-price index for chocolate and confectionery manufacturing from cacao, or raw and unprocessed cocoa beans, over 50% higher from this time last year.

These record-high prices look to bite into candy sales. Citing data from NielsenIQ, analysts with TD Cowen said Tuesday that a 1.6% decline in sales for the four weeks ended October 19 is a sign of “a rather weak Halloween” for leading chocolate-maker Hershey, potentially signaling a slack second half of 2024

The average cost for 16 ounces (about 450 grams) of chocolate candy for the 52 weeks ended October 6 was $9.19, according to data from Chicago-based market research firm Circana. That is up nearly 40% in the past five years.

US families are expected to spend an average of $30.89 a household on Halloween candy this year, according to data from S&P Global Market Intelligence. That totals a record high of $4.1 billion, up 3.5% from this time last year.

Because of this, those following the tradition of going door-to-door on Halloween to ask for "trick or treat" will likely receive less chocolate candy than in the past, but more candy and gum, sales of which have recently increased.