This browser does not support the Video element.
Inflation leads newlyweds to cut costs
Inflation has led budding newlyweds to cut costs in ways they may never have expected. Zola, a wedding planning site, says the 2024 average price tag for a wedding is over $30,000. BIPOC celebrity wedding planner, AJ Williams, founder of AJ Events, spoke with LiveNOW from FOX's Christy Matino about how inflation is affecting wedding plans.
LOS ANGELES - Turkey prices might drop this Thanksgiving, but don’t get too comfortable. While a Wells Fargo consumer report predicts a 16% drop in turkey prices from last year, the savings may not be as significant for shoppers because retailers aren’t fully passing on the wholesale price cuts.
The report found that while wholesale prices are down a whopping 29%, supermarkets are keeping more of that gap to pad their margins. Analysts say retailers know you’ll still flock to buy that bird in November, and prices will likely dip more in the days leading up to the big feast.
But if you were hoping to serve ham, brace yourself. The price of ham is reaching near-record highs, up 5.2%, now costing $4.56 per pound. And that’s not the only holiday staple seeing a price hike—russet potatoes are also at an all-time high, up 14%, making mashed potatoes a pricier side dish.
Which Thanksgiving foods will be more expensive?
While turkey may offer some relief, certain items will put a dent in your wallet. Ham continues its climb, and processed holiday favorites like canned cranberry sauce are up 7%. Canned green beans, a staple in many Thanksgiving casseroles, have also jumped nearly 9%. So if you’re looking to cut costs, these might be the items to reconsider this year.
Here’s a quick rundown of some of the pricier items:
- Ham: $4.56 per lb. (up 5.2%)
- Russet potatoes: $1.17 per lb. (up 14%)
- Canned cranberry sauce: up 7%
- Canned green beans: up 9%
- Pumpkins: up 30%
What items will save you money?
There are a few Thanksgiving staples that offer savings. Fresh cranberries are expected to be 20% cheaper than last year, which might just make that homemade cranberry sauce your best deal. Romaine lettuce is also down by 10%, so salads could be a more affordable addition to your table. Sweet potatoes, while up 4%, remain a relatively budget-friendly option.
This browser does not support the Video element.
Thanksgiving dinner etiquette 101
Etiquette expert Diane Gottsman shares tips on how to have a good Thanksgiving dinner whether you're a host or a guest.
Here’s what you might want to stock up on:
- Fresh cranberries: down 20%
- Romaine lettuce: down 10%
- Sweet potatoes: up 4%
What about other Thanksgiving staples?
Other items are showing a range of price changes. If you’re a fan of pumpkin pie, expect to pay 30% more for canned pumpkin this year.
Meanwhile, your drink choices are holding steady—beer prices are up 5.3%, but wine has seen a modest increase of just 1.2%, making it one of the least affected items on your list.
The Source:
Data for this article was gathered from the Wells Fargo consumer report on Thanksgiving food inflation and additional insights from the USDA.