inflation

How Inflation is Impacting This Year's Thanksgiving Meal

NBC Universal, Inc.

With Thanksgiving less than two days away, many people are shopping to prepare the best dishes and find the best deals as food prices continue to surge.

Grocery prices are over 12 percent higher than a year ago and Thanksgiving is hitting households a lot harder in 2022.

Prices for staples such as turkey, eggs, bread and butter are up even more, increasing well over 15 percent from a year ago.

The National Grocers Association says high food prices continue to have an upward trend, which is impacted by many factors including the high cost of fuel and labor shortages.

Despite the price increase, food establishments are offering sales and lower prices on turkeys to keep business booming.

"The turkey cost me 79 cents more this year but I’m probably going to end up selling for 20 cents less," said Tops Marketplace owner John Salerno.

"The Fed is doing their best to raise interest rates that will have an impact, how long will that take? Nobody will really know," said University of New Haven associate professor of economics Peter Gourley.

So how can you off-set inflation this Thanksgiving?

Some consumers say they have been buying food throughout the month to afford all of the Thanksgiving ingredients. Others tried to save a few bucks by buying a frozen turkey earlier in the season.

Residents have also opted for fewer side dishes for the holidays.

Some shoppers are changing the grocery store that they typically go to to find stores with lower food prices. Others are purchasing generic or store brands.

Other ways to save include reducing spending in other areas to spend more on Thanksgiving and looking for alternative foods that could cost less.

According to the National Grocers Association, it's important to shop as early as possible and save where you can whether that means cutting coupons or grabbing deals that may come through email.

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