ROANOKE, Va. – With everything costing more and more at the stores, your Thanksgiving spread and Black Friday buys could cost you more this year.
The Consumer Price Index for food rose 1% from August to September 2021 and 5.4% from September 2020.
Based on her estimates, John S. Shannon Professor of Economics at Roanoke College Dr. Alice L. Kassens suspects it is going to take more like a year or a little more for the supply chain issues to work themselves out.
“What’s causing the increase in prices? It’s that knot on the supply chain,” explained Dr. Kassens. “It is a mess right now. You’ve got cargo ships and container ships off the coast of California. Goods just aren’t getting to the places they need to go to.”
Kassens says putting off some purchases and prioritizing the necessities is the best approach.
Gas and food are the two products impacted the most, says Kassens.
Grocery store chains are feeling the brunt of it as prices have increased.
Kroger allowed 10 News inside its stores Tuesday. The grocery giant had plenty of larger turkeys (~20 pounds) but no smaller, more traditional turkeys.
“Turkey supply is somewhat limited this year due to labor challenges and packing material,” stated Kroger Corporate Affairs Manager James Menees by email. “Average turkey size is 16-18 pounds, so anyone looking for a smaller turkey should look to buy as soon as possible.”
CNBC offers families these six tips for navigating the holidays:
- Save money on the turkey
- Host a potluck instead
- Set a budget for dinner
- Use a rebate app to save money on ingredients
- Use a grocery rewards card