Thanksgiving is almost here. Are you ready for a lip-smacking Thanksgiving dinner? But, be aware, the Thanksgiving meal could put a big dent in your wallet this year.
Rising food prices mean the Thanksgiving meal could be more expensive for families this year.
Get ready to enjoy an expensive Thanksgiving feast
Bradley Rickard, food and agricultural economist at Cornell University, talks about price increases and how they will affect the purse this Thanksgiving.
“Across the aisle at the grocery store, We have seen an increase in food prices which will significantly increase the cost of ingredients for our upcoming Thanksgiving meal. The latest data shows that between September 2021 and September 2022, the prices of food items sold in grocery stores are set to increase by an average of 13%.
“Over the past year, meat prices have increased by 7.7% overall, and the cost of poultry – including turkeys – has increased by 17.2%. Poultry costs face further pressure given their input costs United States in 2022, partly due to an outbreak of avian flu. In grocery stores, dairy prices are expected to increase by 15.9%, bread and bakery prices by 16.2%, egg prices by increased by 30.5%, fats and oils by 21.6%, and fruits and vegetables by 10.4%.
“Grocery store prices began to rise during the pandemic and food inflation continued due to increases in fuel costs and fertilizer costs, as well as increases in feed costs. In addition, labor supply shortages have exerted additional pressure on food prices in particular. Has put pressure on. Those crops which are labor intensive.
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