CBx Daily

Thanksgiving Prices Hotter Than Fresh Cornbread Due To 30-Year Inflation High

Nov 24

By CultureBanx Team

  • Thanksgiving 2021 could be one of the costliest, with inflation at a 31-year high
  • The price of food at home is up 5.4% over the past 12 months

As we get ready to gather around the table with family and friends, one thing we won’t be thankful for this year is rising food prices. Thanksgiving dinner last year was one of the cheapest, with many holding smaller gatherings amid the coronavirus pandemic. Now, get ready for one of the costliest with inflation at a 31-year high.

Why This Matters: Everywhere we look prices are rising like grandma’s poundcake. It’s not just inflation, there are hiccups early in the supply chain driving up the cost of Thanksgiving essentials like turkey and cranberry sauce. Even aluminum pans are feeling the heat, with the metal’s prices hitting 10-year-highs, according to The Hustle.

The price of food at home is up 5.4% over the past 12 months. Specifically, the Consumer Price Index (CPI), which measures the change over time in the average price for a basket of goods and services, for food was up 4.6% from 2020, and meat, poultry, fish, and egg prices were up 10.5%. CPI for October came in at 6.2%.

Situational Awareness: There are many reasons for the higher grocery bills, like labor shortages, supply-chain issues, along with several product shortages and strong consumer demand. So, have you already bought your turkey?

CBx Vibe:Thanksgiving” Cordae