Thanksgiving Costs on the Rise

Armstrong Economics Blog/Inflation Re-Posted Nov 24, 2021 by Martin Armstrong

Expect to pay at least 14% more for this year’s Thanksgiving festivities, according to the American Farm Bureau. The bureau estimates that a feast for ten will cost $53.31 this year, and I would personally like to know what grocery store has such low prices; the estimate seems drastically low. The US Department of Agriculture noted that wholesale prices of 8-16 lb frozen turkeys are up 21% from November 2020. Pumpkin prices have risen 5% due to droughts in California and heavy rains leading to fungal infestations in Illinois. Green beans, a typically cheap staple, advanced 4% YoY, while cranberry sauce prices increased 2.5%. Milk, eggs, potatoes, and many other Thanksgiving staples have all increased in price. Butterball President and CEO Jay Jandrain said that turkey prices will remain elevated into 2022 due to increased feed, labor, and transportation costs. However, US Agriculture Secretary Tom Vilsack said he is confident Americans will still foot the higher bill to maintain the annual tradition.

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