Thanksgiving Meal Cost Jumps 13%

Posted By on November 13, 2011

Excuse us, but… didn’t the government just say a week or so ago that there wasn’t much to worry about with inflation?  Um, Yep…that’s what they said.  Liar Liar Pants On Fire!

The cost of a Thanksgiving dinner in the U.S. will jump 13 percent this year, the biggest gain in two decades, as prices rose for everything from turkey to green peas to milk, the American Farm Bureau Federation said.

A meal for 10 people on the holiday, which falls on Nov. 24 this year, will rise to $49.20 from $43.47 last year, and it’s the biggest increase since 1990. Other Thanksgiving cost increases in the annual Farm Bureau survey include a 17 percent gain for a pound of frozen green peas, 16 percent for a 30-ounce can of pumpkin-pie mix, a 15 percent for a half-pint of whipping cream, 13 percent for a gallon of whole milk, 9 percent for a 14-ounce bag of stuffing mix, 8.5 percent for 12 rolls, 2.9 percent for fresh cranberries and 2.2 percent for a three pounds of sweet potatoes.

Rising gasoline prices, up 28 percent in the past year, are an additional drag on consumer spending, according to Corinne Alexander, an agricultural economist at Purdue University in West Lafayette, Indiana. The biggest reduction in disposable income from rising food prices occurs in the middle class, where consumers buy cheaper generic food brands and lower-quality meat, while eating out less, she said.

“We are still in a period of accelerating food inflation that may begin to moderate (hopefully) in 2012,” Alexander said.“Consumers are getting a double whammy. It costs more to get to work, and they have less disposable income to spend on other things after they go to the grocery store.”

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