Sen. Elizabeth Warren (D-Mass.) has found her Halloween villain, and it is not a ghost or a goblin. It is the price of peanut butter cups.

In a post on X Tuesday, Warren said the scariest thing about Halloween this year is President Donald Trump's economy, pointing to sharp price jumps on popular candies ahead of the holiday. She said prices on products from Hershey, Ferrero Rocher, Mars and Tootsie have risen between 5% and 23%, led by Hershey Seasonal Peanut Butter Cups.

"Nothing more terrifying than Trump's economy this Halloween," Warren said, adding that "candy prices are through the roof."

Double-digit candy price jumps

The numbers back up the spooky framing, at least on the candy aisle. The Bureau of Labor Statistics has attributed rising candy costs to higher prices for key inputs including cocoa, sugar and corn syrup, with extreme weather and supply disruptions contributing to higher commodity costs.

Companies have been passing those costs along. In July, The Hershey Co (NYSE:HSY) said it had raised prices on seasonal items, with some high single-digit pricing still in place in the fourth quarter. At Mondelez International, Inc. (NASDAQ:MDLZ), the maker of Toblerone and Cadbury, price hikes have cost it volume, with shoppers pushing back on higher prices on the shelf.

Higher candy prices come amid a high cost of living, and consumers are also facing steep gas prices at the pump ahead of next week's midterm elections.

Shoppers plan early and look for deals

None of this means Americans are skipping Halloween. The National Retail Federation projected in September that Halloween spending would reach $13.5 billion, up from last year's record $13.1 billion, with per-person spending projected at $115.14 versus $114.45 in 2025.

About 74% of consumers plan to celebrate, and 96% plan to buy candy, accounting for roughly $4.1 billion, according to the survey.

So the holiday is still on. The candy is just costing more, which is why Warren is using the moment to make a broader economic argument. It is a familiar move: pick a relatable purchase, point to the price tag, and let the sticker shock do the talking. Halloween candy is about as relatable as it gets.

Price action

On Tuesday, Hershey's shares closed 2.21% lower at $164.51 and fell 0.57% to $163.57 in premarket trading on Wednesday.

Market data rankings indicate Hershey's stock has a Momentum score in the 22nd percentile and a Growth score in the 38th percentile.