UNITED STATES – As Thanksgiving approaches, inflation is once again affecting grocery bills. New data reveals that inflation rose to 2.6% in October, with housing-related inflation accounting for half of this increase. This has left many consumers concerned about their holiday spending.
A LendingTree survey found that shoppers are expected to spend an average of $431 this Thanksgiving, a 19% increase from last year. Matt Schulz, Chief Credit Analyst at LendingTree, emphasized the impact of inflation, stating, “19-percent is a big jump.” He added, “Anybody going into this Thanksgiving season expecting that they’re going to be able to get a little more bang for their buck this year than they did last year is going to be pretty disappointed.”
Despite the overall rise in inflation, there is some good news for Thanksgiving hosts. FinanceBuzz found that the price of a 15-pound Butterball-brand turkey, which serves about 10 people, has decreased by 12% from last year, costing an average of around $31. Additionally, the U.S. Bureau of Labor Statistics reports that prices for potatoes and white bread have also dropped.
However, not all items are cheaper. Milk, butter, and cheese have seen price increases, which may affect traditional Thanksgiving meals. Schulz suggested, “Making Thanksgiving a potluck is such a great way to control costs. If you’re hosting Thanksgiving, it’s already enough of a production just with all the work that you have to put in.”
Lawrence Summers, former Treasury Secretary under President Clinton, noted, “This is about what people expected. It shows inflation is not where it was a couple of years ago.”
As families prepare for the holiday, they may need to adjust their food choices to accommodate these price changes.
