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John Katsimatidis is the CEO of Gristed’s Foods, a supermarket chain based in New York City. He has holiday-related advice for consumers: Cherish your Thanksgiving turkey this year because it will make a more significant dent in your bank account than ever.
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In an appearance on Fox’s Varney & Company, Catsimetidis told host Stuart Varney that grocery shoppers would see “the highest prices ever for turkey, the highest prices ever for your Thanksgiving dinner.” According to Wells Fargo, there’s a solid reason why turkey prices have increased by up to 23%:
The star of the Thanksgiving meal, and one of the biggest spending items, is projected to be 23% higher in the fourth quarter than last year. Turkey supplies will be even more limited this year due to the continuing effects of highly pathogenic Avian Influenza. Turkey prices jumped after bird flu wiped out the flock earlier this year.
Although Wells Fargo noted that there will still be plenty of turkeys available, the price per pound will still be relatively high.
As Fox Business reports, turkey isn’t the only Thanksgiving mainstay taking a bigger share out of shoppers’ wallets. That same Avian Influenza outbreak has caused egg prices to rise by more than 32%, and butter and flour are up as well. In addition, Wells Fargo reports that cranberries are more expensive this year and suggests that old-fashioned canned cranberries may be the best option.
Even traveling to your grandmother’s house over the river and through the forest in 2022 will cost you dearly. GasBuddy published a report Tuesday saying that the national average price of gas on Thanksgiving Day will be “$3.68 on Thanksgiving Day — about 30¢ higher than last.” year, and 20¢ higher than the previous record of $3.44 set in 2012.” Still, says GasBuddy, “20% more Americans [are] Planning to hit the road this year.”
Wells Fargo suggests that the solution to reducing Thanksgiving costs is finding a restaurant that serves holiday food. According to report authors Courtney Buerger Schmidt, Brad Rubin, and Michael Swanson, PhD, “there could be a better value this year than might be expected.” Why? “Factors such as overhead and labor are included in the cost of food in a restaurant, but the itemized cost is a small percentage of a restaurant’s total cost.”
Consumers who want to cut costs may consider shopping at stores like Aldi and Walmart — chains that have slashed prices from past years to offset inflation by matching Thanksgiving-related spending.