21 November 2012
THANKSGIVING: Food prices are increasing in time for the holidays.
By Stephen Park, Staff Writer
With the weather cooling down and the holidays quickly approaching, you might be spending more money than quality time with your family. As the much-anticipated time approaches when families gather to enjoy a feast of turkey, cranberries and pumpkin pie, their wallets will not be as stuffed as they were before.
According to the American Farm Bureau Federation, a traditional meal large enough to feed a family of ten, including leftovers, will cost just under one percent more than last year. A steady rise of around 28 cents has led to a total of $49.48 for meal this year, a reasonable increase considering the recent economic drought. Of course, this also comes in on top of last year’s record-breaking 13 percent increase–the highest it has climbed in the past two decades.
The main reason for the Thanksgiving price spike is the ever-increasing price of turkey. A 16-pound bird that would usually go for around $1.35 a pound is now raking in $1.39 a pound, a four-cent increase. “Most Americans will pay about the same as last year at the grocery store for a turkey and all the trimmings,” John Anderson, the bureau’s Deputy Chief Economist, said. “A slight increase in demand for turkey is responsible for the moderate price increase.”
While the turkey is expensive, the prices of other miscellaneous goods, such as whipped cream and stuffing, have all seen a steady decrease. Even after the destruction of crops and livestock due to the worst drought since 1950, many retailers were stuck with locked prices. So while prices skyrocket for farmers to get the products out, consumers have yet to feel the full effect of the rising prices. In fact, the Department of Agriculture estimates that the overall cost of food will increase between 2.5 to 3.5 percent more in this year alone, with an additional 3 to 4 percent increase in retail food prices in 2013. Dairy and meat related products are expected to see an even bigger jump in pricing, making the insides of your wallet even lonelier.