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Families in the United States are forced to make adjustments to their Thanksgiving traditions as a result of the rising cost of food.
In its annual examination of supermarket pricing, the American Farm Bureau Federation expects that the forthcoming US Thanksgiving holiday will cost around 20% higher than it did the previous year.
Food prices have been on the rise since the Farm Bureau conducted its first Thanksgiving dinner cost survey in 1986. This year's increase is the largest since then, and it can be attributed to several factors, including the weather, the Russia-Ukraine war, and corporations' drive to maximize profits, per Reuters.
Soaring Prices Hurt Consumers
The USDA reports that the Consumer Price Index (CPI) for all food increased by 0.7 percent from September 2022 to October 2022. In addition, the USDA reported that grocery costs in October 2022 were 10.9% higher than in October 2021.
Even more shocking is the fact that food prices, especially those purchased for in-house consumption, have risen even faster, reaching a 13.5% annual rate in August and still rising 12.4% annually last month. This comes as a surprise because food costs had previously increased at a slower rate than incomes.
In response to rising food costs, a US Census poll found that the percentage of families experiencing food shortages increased from 7.8% in August 2021 to 11.4% in early October.
There has been a 17% increase in the sale of packaged pasta and a 12% increase in the sale of cheese. Increases of 19% have been seen in the sales of canned fruits and vegetables, including Thanksgiving staples like cranberry sauce and pumpkin.
There is also a 15% increase in the prices of bread and coffee, while the cost of baked goods has increased by 16%.
Making your own pastries will not help save money as the price of flour has increased by 25%, butter by 27%, and eggs by 43%, as per Al Jazeera.
More Expensive Turkey
Meanwhile, the turkey, which has traditionally been the meat of choice on Thanksgiving, saw a price jump.
The USDA reports that wholesale costs for frozen whole turkeys are increasing. The WASDE predicts that the average price of a frozen whole turkey will rise from $1.23 per pound in 2021 to $1.55 in 2022.
Although chicken is a well-liked Thanksgiving substitute for turkey, the average cost of this meat has also gone up. According to industry reports, the national average price of chicken at retail will be $4.31 in 2022, up from the $3.41 predicted for 2021.
The Farm Bureau's top economist, Roger Cryan, acknowledged that the price hike would be a pain for some families but added that holiday discounts may help shoppers offset the cost.
According to a study of United States Department of Agriculture data, the price of frozen turkeys has decreased by around 14% this week, and major supermarket chains are now giving discounts, as reported by CNN.
New Food Magazine cited Daily Capital's survey indicated that one in four Americans would forego Thanksgiving to combat the high expense of food during this difficult economic year.
The study also show that over a third of Americans will have reduced Thanksgiving dinners, and 88% would drop at least one item off their holiday table in 2022 to save money.
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