It’s the #1 topic of concern for most voters right now, according to many polls: the struggling economy.
Recent reports have painted a bleak picture of inflation and the cost of living, as Americans are paying more for basic necessities than ever before. The result appears to be a major shift toward Republicans in polling.
But either way, Thanksgiving is going to be a lot more painful for U.S. citizens this year.
As the average cost of everything from building supplies to milk skyrockets, hard-working Americans are feeling the immense strain. Surging energy prices are of serious concern for the winter, too.
With the holidays right around the corner, the belt-tightening could hit millions very hard. And perhaps harder than they thought.
Now, a new report reveals the prices of staples for Thanksgiving dinner, and it’s clear that it’ll cost you a great deal more than in 2021.
In fact, it might end up costing you 20-25% more overall.
The American Farm Bureau Federation (AFBF) released the prices for everything from turkey to ham to potatoes, and isn’t a pretty sight (via The Epoch Times):
U.S. Department of Agriculture (USDA) data (pdf) show that an 8- to 16-pound turkey costed $1.99 per pound last week, up from $1.15 a year ago. This represents almost a 75 percent increase.
Boneless ham has increased 13.6 percent in September from a year ago to $5.50 per pound, data from the Bureau of Labor Statistics (BLS) show.
White potatoes have spiked 27.7 percent to $1.02 per pound, while white bread has climbed 10.7 percent to $1.75 a pound. A gallon of fresh whole milk has surged 16.6 percent to $4.18.
The price pain doesn’t end there, either.
Miscellaneous ingredients have also jumped: butter now costs a whopping 26.6% more than it did last year, flour is up 24.4% year-over-year, spices and seasoning have surged 13.8%, sugar is up 17.1%, and coffee has leapt nearly 16%.
Driven by the Russia/Ukraine conflict, troublesome inflation, and other issues like a recent Avian outbreak, overall food prices have climbed 11.2%.
Grocery store prices jumped 13% year-over-year, and this has caused many Americans to make an unprecedented decision:
According to a recent Personal Capital survey, one-quarter of Americans plan to skip Thanksgiving dinners this year to save money.
Millions of others will be forced to adjust the menu to compensate for the soaring costs.
Over 1/3 of Americans will be having smaller dinners, while 88% said they plan to eliminate at least one dish from their traditional table spread. Many are simply saying the budget is much lower:
As the holidays creep closer and food prices continue to rise, this year’s food-centered festivities may require an extra focus on finances.
Some hosts are tightening their budgets by trimming the guest list, editing the menu, or asking for contributions. Others are skipping the holiday altogether.
Despite the Biden administration celebrating progress in the area of inflation, the numbers aren’t reflecting a positive upward trend right now.
And with the midterm elections just around the corner, this Thanksgiving sticker shock isn’t likely to bode well for Democrats at the polls.
- The average cost of the Thanksgiving dinner in America will skyrocket in 2022.
- The prices of turkey, potatoes, milk, butter, flour, ham, sugar, and coffee have all jumped, some by as much as 25%.
- As a result, 1/4 of Americans say they’re skipping the Thanksgiving meal altogether, while 1/3 say they’ll have smaller dinners.