The buying power of American wages has been cut by a candy bar in two years.
The pay of an average US worker bought 15.2 candy bars an hour in 2023 – that’s a 4% drop from 15.9 bars in 2022 and off 7% from 16.3 in 2021.
The problem isn’t pay raises. Instead, it’s candy inflation, which is running 7.2% this year – and that’s an improvement over 14.2% a year ago. By the way, candy prices have risen at a 2.9% annual pace over the past 20 years.Americans will spend a record $30 billion on candy – 2% growth for the year and up 34% vs. 2015-19. But when adjusted for inflation, sales are down 4% from a year ago and up just 1% vs. 2015-19.
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