Inflation Is Coming For Your Thanksgiving Dessert
Over the last 12 months, the stress of rising prices across the U.S. has been felt by all and with the holidays nearing, it's safe to assume many Americans are worried about the extra food costs. While current prices may not seem as harsh as they did in July when inflation topped out at a whopping 9.1%, the pinch of high grocery bills remains a reality for many. According to the Bureau of Labor Statistics (BLS), the cost of food increased 11.4% over the last year and most Americans have admitted to cutting back on non-essential items when food shopping (via Forbes).
Even without the added consideration of inflationary prices, MoneyTalksNews claims the average cost of a traditional Thanksgiving dinner has naturally increased by over 500% in the last 60 years. Amidst the standard fears you may already have in making common Thanksgiving dinner mistakes, you now have to worry about the cost of your holiday bird as well. The Farm Bureau recently released statistics showcasing a 112% price hike in boneless skinless turkey breast compared to 2021 prices. Unfortunately, turkey may not be the only menu item claiming most of your hard-earned dollars this coming November. If you're a fan of traditional Thanksgiving desserts, one classic necessity is slowly proving to be more costly this year as well.
Pumpkin costs are on the rise
No one can argue that autumn and pumpkins are synonymous but those bright orange gourds may be grabbing at your wallet a little too much in the coming months. According to ABC News, the cost of an average pumpkin last year was $4.92 and this year is averaging out at $5.68. Farms across the country are battling the idea of raising consumer prices due to added labor and fuel costs. One farmer in Maryland told ABC the price of fertilizing pumpkins this year has been "unbelievable." While gas prices have fallen, fuel still remains 60% higher than it was last year (per Forbes).
Additionally, fuel isn't the only variable to consider when looking at this year's pumpkin prices. Drought has been plaguing the Southwest region of the U.S. for over 100 weeks according to USDA Meteorologist Brad Rippey (via The Washington Post). Tim Gee, co-owner of Gee Family Farms in Amarillo Texas told News Channel 10 that his family had to raise prices by one dollar this year due to the cost of fuel and the installation of a special watering system that has kept their crops alive this season. All of these factors are leading some farmers to rethink their current market prices. If you and your family enjoy pumpkin recipes around the holidays, expect to be paying a bit more this year.