Americans are expected to spend a record-breaking $12.2 billion on Halloween candy in 2023 according to the National Retail Federation (NRF) — a retail trade association representing 3.8 million retail establishments that employ more than 52 million people — a 15% increase from 2022.

According to The Wall Street Journal, North Americans will hand out $3.6 billion in candy alone in 2023, a 16% rise from last year.

The increase in Halloween candy spending could be partly attributed to candy and gum prices growing by 7.5% year-over-year during September 2023, according to data from the U.S. Bureau of Labor Statistics.

The price of cocoa, a key ingredient in chocolate, has hit a multi-decade high after increasing by 61% in 2023, said the Dutch banking and financial services firm ING. The organization added that inclement weather has delayed the harvest of cocoa in some top-producing countries like Cameroon and Ghana.

“That higher cacao price that you are seeing in global markets is effectively being passed through into the food that is being imported to the U.S.,” said Chris Rogers, head of supply chain research at S&P Global Market Intelligence.

S&P Global Market Intelligence, the financial information and analytics company, noted that the value of chocolate imports into the U.S. increased by 16% year-over-year during August 2023.

A spokesperson for Mars, the candy company behind brands such as Skittles and M&Ms, said that the company last raised its prices in June 2023.

“Like many industries, we continue to face high inflation and spikes in material costs,” said the Mars spokesperson. “We work to absorb these extra costs wherever possible.”