Thanksgiving dinner this year could be the most expensive in history, reports say
Bunkers of Butterball turkeys along with perfectly stacked cans of pumpkin pie mix, sweet potatoes, green beans and more have popped in stores just in time for what is reportedly going to the most expensive Thanksgiving dinner in history.
Major food companies like Nestlé and Procter & Gamble have already warned consumers to brace for more price increases.
According to CBS News, who spoke with the American Farm Bureau Federation, prices will be higher on just about everything because of inflation.
“When you go to the grocery store and it feels more expensive, that’s because it is,” said Veronica Nigh, senior economist at the American Farm Bureau Federation.
According to the Farm Bureau, the average cost of preparing Thanksgiving dinner in 2020 was about $47, and it’s expected to cost up to 5% more this year.
Corn, which is used to feed turkeys, is more expensive, and that’s causing an increase in the cost of turkeys.
Prices on beef, poultry, fish, and eggs are up more than 10%, FOX reported.
Also, many baking goods are being affected by ongoing shipping delays, which means fewer items are getting to store shelves, driving up prices even more.
THe higher cost of gas is contributing to the price increases as well. The average U.S. price of regular-grade gasoline this week spiked 13 cents over the past two weeks, to $3.44 per gallon. The price at the pump on Monday was $1.22 higher than a year ago. Riverside continues to experience a jump in gas prices as they have risen 1.7 cents per gallon in the past week, averaging $4.47/g today, according to GasBuddy’s daily survey of 481 stations in Riverside. Gas prices in Riverside are 17.1 cents per gallon higher than a month ago and stand $1.36/g higher than a year ago.
The Labor Department last month reported a jump in consumer prices in September that sent inflation up 5.4% from where it was a year ago. That matched the largest increase since 2008 as snarled global supply chains continue to create havoc.
Federal Reserve Chair Jerome Powell said tangled supply chains and shortages that have hobbled the U.S. economy since summer have gotten worse and will likely keep inflation elevated well into 2022.
- Sweet-potatoes: Uken Report
- Pumpkin pie mix: Uken Report
- Butterball turkeys: Uken Report