As Americans complete their Thanksgiving grocery shopping, they can expect a big helping of inflation on their plates throughout the holidays. Inflation report and surveys show increases for many dishes that make up a traditional Thanksgiving dinner.
turkeys were more than triple the index: up 32%. Turkey prices jumped 20% from October 2021.
Those increases showed up in our shopping carts in October, according to the CPI. In the American Farm Bureau survey, theSeptember's inflation report listed four dozen items with"largest ever" annual increases since the Bureau of Labor Statistics started tracking them. Most of the items are indexed to the early '80s; some go back further.
Most important for grocery shoppers: Twenty of those largest-ever increases were foods or food categories. Looking at that same basket in October, all but one had a double-digit increase from last year and eight had new"largest ever" increases in October.One of the biggest annual increases in the October report showed up in the fats and oils section, which rose 23%.
Driving much of the much of the change: butter, up 27%, and margarine, up 47%. Combined they rose 34%.that largely leads back to Russia's invasion of Ukraine , drought in Canada and other weather conditions in Brazil . Vegetable oils are a key component of margarine, so with oil prices rising because of shortages driven by global events, the spread incurred its largest increase since April 1975.Tighter milk supplies and rising production costs account for much of butter's rise.
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