U.S. families have been spending more than usual to celebrate this year’s traditional Thanksgiving dinner. The average price of the usual menu on this holiday has increased by 20.1% over last year, which is the highest year-on-year increase since at least 1986.
In data from the American Farmers Federation (Afbf), the cost of the feast stands at $64.05 for a dinner for 10 diners, a cost of $6.41 per person, compared to the $53.31 cost of last year’s dinner.
The U.S. farmers and ranchers’ lobby, whose statistics date back to 1986, points out that the main factor behind this record rise in the cost of the dinner is the 20.7% increase in the price of turkey, a key element of the feast, which has reached $28.96 for a 16-pound (7.3 kg) piece, compared to $23.99 in 2021.
Afbf chief economist Roger Cryan recalls that “inflation drastically reducing consumer purchasing power is a major factor contributing to the increase in the average cost of Thanksgiving dinner this year.” Also weighing, he says, on rising prices are other factors such as supply chain disruptions and the war in Ukraine.
The country’s consumer price index (CPI) stood at 7.7% in October, half a percentage point lower than the price increase in September, thus chaining four months of moderation, to register the least intense increase since last January. The rise in the cost of energy also moderated that month, to 17.6% year-on-year. Food, on the other hand, rose by 10.9% year-on-year, three tenths of a percentage point less than in September.
Nevertheless, US core inflation, which excludes food and energy prices from the calculation, stood at 6.3% in October, compared to 6.6% in September.
The markets remained closed for Thanksgiving Day and will open only half a session today, coinciding with ‘Black Friday’.
New York celebrates its traditional parade
Thousands of spectators filled the streets of New York to celebrate the Macy’s Thanksgiving Day Parade.
The traditional parade, which this year celebrates its 96th edition, marks the start of the holiday season in the city. Pictured is a group of cheerleaders during the parade.
Balloons of Baby Yoda, Greg Heffley and the Dough Man, among other characters, were part of the traditional parade.