Inflation burdens many American families, especially this Thanksgiving as each household prepares for costly celebration.
Thanksgiving is when many relatives celebrate a historical commemoration in the US. Many households host the occasion and cook several dishes, most especially turkey. However, prices of wholesale turkey jumped 23% when compared to a year ago. Therefore, buying a turkey requires a significant chunk of the holiday budget. Moreover, potatoes and cranberries also increased in price.
Several issues contribute to price hikes on several goods in the market. This includes soaring energy costs, lessened labor, and climate change. All of these factors affect the harvest of crops and affect the overall health of animals. According to the Labor Department, prices of grocery goods increased 12.4% from last year.
Now, the inflation rate in the United States is at 7.7%. Michael Swanson, a lead economist at Wells Fargo, thinks that families will cut on spending this Thanksgiving, given the rate of price increases. Swanson added that many buyers would opt to find grocers that offer discounted prices of goods. He contends that only a few will spend big for their holiday menu.
Traveling during Thanksgiving
Traveling on Thanksgiving is also not getting easier for family members who want to travel to see their distant loved ones. Airfares soared in the past month. As per current records, airfares in October hiked 43% higher than last year. However, even with the increase, many still choose to book tickets for the holidays. For instance, three of the largest airline companies in the US expect fully booked flights over the holiday...Read More
Source - US Reporter