Turkey Bottleneck? More Expensive Thanksgiving Dinner? You Can Still Get a Turkey If You Want
Forks up, sweatpants on… wallets out. Thanksgiving is on Thursday, but grocery prices are already eating into budgets.
$Wells Fargo & Co (WFC.US)$ suggested earlier this month that it may be more affordable for Americans to eat out on Thanksgiving this year, rather than cooking at home.
According to its report, the price of food made and consumed at home is rising faster than dining out. The price of food at home is up 12.4% through October, compared with the 9% gain in the price of a full-service meal outside the home, according to the Bureau of Labor Statistics' latest Consumer Price Index.
Turkey prices alone are projected to rise as high as 23% compared to the fourth quarter last year.
Also, the price of eggs, which were also been impacted by the bird flu, have already risen 32.5% while butter and flour have risen 25.8% and 17.1%, respectively.
Also, the price of eggs, which were also been impacted by the bird flu, have already risen 32.5% while butter and flour have risen 25.8% and 17.1%, respectively.
Meanwhile, some retail giants are gaining customers by keeping prices (relatively) low. $Walmart (WMT.US)$ says it's keeping Thanksgiving meal prices the same as last year, and more higher-income shoppers turned to the retailer last quarter for discounts.
U.S. turkey producer Butterball is letting consumers know there's plenty to gobble up thanks to "no shortages" within their operations.
"We expect that everyone who wants a turkey will get one this year," Butterball CEO Jay Jandrain said. He admitted that the company has been actively facing inflation pressures, but that operations "bear the brunt of" rising costs – not consumers.
Mooers, will you dine out or have the dinner at home this Thanksgiving?![]()
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Source: Yahoo Finance, Bloomberg, WSJ
"We expect that everyone who wants a turkey will get one this year," Butterball CEO Jay Jandrain said. He admitted that the company has been actively facing inflation pressures, but that operations "bear the brunt of" rising costs – not consumers.
Mooers, will you dine out or have the dinner at home this Thanksgiving?
Source: Yahoo Finance, Bloomberg, WSJ
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