As Americans prepare to celebrate and give thanks with family and friends, they are coming to grips with the consequences of economic policies that have led to what many experts are predicting to be the most expensive Thanksgiving in history.
Massive inflation was predicted by economists earlier this year.
Data from the Department of Labor’s Producer Price Index indicates a 40% increase in the price of a turkey compared with just a year ago, assuming they are available. The Wall Street Journal reports that in some areas of the country turkeys were 60% less available than last year.
Grain prices have risen 40.8 percent higher versus a year ago, which in turn drives up prices for largely grain-fed turkey crop. Beef and veal prices are similarly up 41.5 percent.
Residential heating oil is up 114.8 percent, and natural gas prices are up 28.7 percent. Electricity prices have risen 5.6 percent.
Perhaps most alarmingly, gasoline has risen an average of 90% – a factor that increases the relative price of every physical good requiring transportation.
Overall, food prices around the country have gone up by over 10%, slightly higher than the overall average of 8.6% measured across all producer prices versus the same goods measured a year ago – a record-high increase and another contributing factor to the Biden administration’s record-setting low approval ratings.