While Americans are expected to spend a record amount on Valentine's Day gifts and celebrations this year, they're not necessarily spreading more love — it's that showing it costs more.
Inflation and ongoing supply-chain disruptions are raising the cost of two traditional gifts people often given that special someone — flowers and chocolates. Flower prices have risen because some producers have shut down. New York City florist Banchet Jaigla has had to raise prices by about 20%.
"Right now, a lot of farms that we use for flowers are out of business," she told CBS News correspondent Laura Podesta. "The prices went up higher, the freights as well."
Supply constraints and shipping costs are hitting the candy and chocolates department, too. Anthony Cirone, co-owner of New York City's Li-Lac Chocolates, said consumers will have to pay a premium for heart-shaped boxes this year.
"The Valentine boxes — we got hit with a 50% increase, and when we asked why we were told it was 100% due to container-ship pricing, transportation costs," Cerrone said.
That's forced him to raise his prices. A box of truffles, which last year sold for $48, this year costs $60.
And it's not just candy and flowers. High prices for jewelry and restaurant dining are also expected to drive a record $24 billion in spending this year. That's an average of $175 per American, up from $165 in 2021, according to the National Retail Federation.
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