In another sign of how inflation under the Biden administration is crippling the American consumer, according to the Farm Bureau’s 36th annual survey, the average cost of this year’s Thanksgiving dinner will cost a whopping 14% more than last year.
The Farm Bureau, also known as the American Farm Bureau Federation (AFBF), is an insurance company and lobbying group representing the American agriculture industry.
The Farm Bureau noted, “The average cost of this year’s classic Thanksgiving feast for 10 is $53.31 or less than $6.00 per person. This is a $6.41 or 14% increase from last year’s average of $46.90. The centerpiece on most Thanksgiving tables – the turkey – costs more than last year, at $23.99 for a 16-pound bird. That’s roughly $1.50 per pound, up 24% from last year.”
The Farm Bureau allowed that the “volunteer shoppers” checked prices Oct. 26 to Nov. 8, roughly two weeks before most grocery store chains begin dropping the price of whole frozen turkeys.
“Several factors contributed to the increase in average cost of this year’s Thanksgiving dinner,” AFBF Senior Economist Veronica Nigh explained. “These include dramatic disruptions to the U.S. economy and supply chains over the last 20 months; inflationary pressure throughout the economy; difficulty in predicting demand during the COVID-19 pandemic and high global demand for food, particularly meat. … The trend of consumers cooking and eating at home more often due to the pandemic led to increased supermarket demand and higher retail food prices in 2020 and 2021, compared to pre-pandemic prices in 2019.”
“This year’s national average cost was calculated using 218 surveys completed with pricing data from all 50 states and Puerto Rico. Farm Bureau volunteer shoppers checked prices in person and online using grocery store apps and websites. They looked for the best possible prices without taking advantage of special promotional coupons or purchase deals,” the Farm Bureau stated.
The Daily Wire reported this week:
On Tuesday, the United States Census Bureau announced that American retail and food services sales rose by 1.7% between September and October. Between August and September, sales rose by 15.4% from the same period in 2020.
The New York Times reported:
Retail sales jumped in October for the third straight month, the government said on Tuesday, as Walmart and Home Depot both reported strong results for their latest quarters. The reports bolster the view that consumers are absorbing higher prices and splurging on a range of goods, from electronics to home improvement projects.
The Wall Street Journal added that although improved sales are a positive sign as consumers begin holiday shopping, higher price levels are a driver of the sales increase:
The combination of strong demand, snarled supply chains, higher prices and an unbalanced labor market is making for an unusual holiday season where record sales may be accompanied by shortages and long waits for goods. Inflation may also start to cut into demand for consumers with lower incomes who may put off purchases due to price increases, economists say…
Retail sales figures aren’t adjusted for inflation, so some of the increase can be attributed to higher prices.