This Thanksgiving is going to be a bit more expensive due to inflation, supply chain flaws and bird flu, according to a financial expert.
“Flour is up over 20%, bread is up 17%, milk is up 17%, and yes, all those concoctions you like to have on the Thanksgiving side are all in double digits right now. It’s going to cost more dear. I think people need to plan for that,” Ted Jenkin told CNN on Sunday, adding that this year may be the most expensive Thanksgiving in history.
Overall, consumer prices are the highest Americans have seen in 40 years, according to the US Bureau of Labor Statistics. On average, Americans are spending 12% more on groceries than last year. This is the largest 12-month increase since 1979.
Jenkin also said Newsweek Sunday, “I don’t see prices correcting any time soon. There is still a major war with Russia, and they produce 30% of the wheat.”
Meanwhile, agricultural economist Michelle Klieger said Newsweek Sunday that “the underlying problem in agriculture is that it is more expensive to produce the crop.”
“On the meat side, prices are higher and the bird flu has had a major impact on turkeys and laying hens,” said Klieger, who added that Americans are currently experiencing the biggest price spike right now. regarding dairy products and eggs.
Ahead of this year’s midterm elections, voters are also concerned about inflation. According to a New York Times/ Siena poll of mid-October, inflation is the “most important problem” facing Americans.
President Joe Biden has been pushed back by Republicans on his economic agenda. In recent weeks, he has focused on improving prices at the pump. On Saturday, the president tweeted that gasoline prices had fallen since their peak in the summer.
Senator Rick Scott, a Republican from Florida, challenged the president last week on Twitter and tweeted: “The price of everything is rising, and all Democrats do is deny the problem. We need responsibility in Washington.”
For Americans who don’t want to break the bank at the grocery store this holiday season, Jenkin said Newsweek“You can save some money if you’re willing to be adventurous and stray from a traditional dinner party. Green beans are a substitute vegetable, as are peas. Cranberries are also in season right now, so this which is good for the consumer.”
His general message for shoppers is to get to the grocery store now.
“Our farmers are getting killed, this is the lowest production of turkeys in a decade. People have to go to the store this week. There is already a shortage of birds of 10 pounds or more, and if you wait, the price per pound could drop another 10%,” he said.