With just days before Thanksgiving, Americans can expect to have a big helping of inflation on their plates throughout the holidays.
The American Farm Bureau Federation's 37th annual Thanksgiving dinner cost survey will arrive next week after its volunteer shoppers report about the prices they've seen around the country. Last year's sleuthing found thatturkeys were more than double the index: up 20.6%. That's on top of a 25% annual increase in September 2021. October's PPI will be out next week.
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%.
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.You name the food: It was higher in October than it was last year, and most of those increases were double-digit.
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