As the American economy continues to spiral well out of the White House’s control, there are new fears that the upcoming holiday season could be a major consumer let down.
Inflation has been rampant over the course of Joe Biden’s first term in office, and his administration hasn’t yet been able to come up with an adequate solution. Now, heading into the last quarter of the fiscal year, this economic exhaustion could make things troublesome on turkey day.
That turkey you’re planning for the big family get-together is going to give you a nasty peck on the pocketbook. So will the flour for the gravy and the butter for the rolls.
The latest government report on consumer prices, released Thursday, showed poultry prices are up a whopping 17% from a year ago. Flour is up 24%. Butter and margarine are up 32%.
The pain did not stop with the traditional holiday menu. Almost across the board, inflation showed few signs of slacking. And in areas central to most consumers’ everyday lives, prices are rising at faster rates than many Americans have seen in their lifetimes.
Even weeks out, some are already planning to scale down the celebration.
“It’s pretty insane,” said Laura Shouse, a small-business owner in Huntington Beach, referring to soaring prices, especially of the organic, grass-fed foods that she buys.
Shouse’s answer for this Thanksgiving: Buy a smaller bird than usual, have more family and friends bring side dishes, and pick a little more from her “booster garden during these times.”
Worse still: With gas prices continuing to fluctuate on the high side of affordable, many Americans could be stuck with a dour decision to forego traveling to visit family and loved ones at this usually-joyous time of year.