NATIONWIDE – (WJW) – The price of your Thanksgiving feast is predicted to be more expensive this year.
According to CBS News, who spoke with the American Farm Bureau Federation, prices will be higher on just about everything because of inflation.
“When you go to the grocery store and it feels more expensive, that’s because it is,” said Veronica Nigh, senior economist at the American Farm Bureau Federation.
According to the Farm Bureau, the average cost of preparing Thanksgiving dinner in 2020 was about $47, and it’s expected to cost up to 5% more this year.
Corn, which is used to feed turkeys, is more expensive, and that’s causing an increase in the cost of turkeys.
Prices on beef, poultry, fish, and eggs are up more than 10%, FOX reported.
Also, many baking goods are being affected by ongoing shipping delays, which means fewer items are getting to store shelves, driving up prices even more.
Along those lines, the higher cost of gas is contributing to the price increases as well.
The average U.S. price of regular-grade gasoline this week spiked 13 cents over the past two weeks, to $3.44 per gallon. The price at the pump on Monday was $1.22 higher than a year ago.
Earlier this month, the Labor Department reported a jump in consumer prices in September that sent inflation up 5.4% from where it was a year ago. That matched the largest increase since 2008 as snarled global supply chains continue to create havoc.
Last week, Federal Reserve Chair Jerome Powell said tangled supply chains and shortages that have hamstrung the U.S. economy since summer have gotten worse and will likely keep inflation elevated well into 2022.
The Associated Press contributed to this report.