INDIANA – Americans will have to dig deeper into their wallets to enjoy a Thanksgiving meal with friends and family for the third consecutive year.
Prices for Thanksgiving staples are up across the board with ham up 5.2% from last year (a near all-time high), canned cranberries up 60%, canned pumpkin up 30%, russet potatoes up 14%, canned green beans up almost 9%, sweet potatoes up 4%, beer up 5.3% and wine up 1.2%.
These price increases are on top of the 20% increase in the cost of a Thanksgiving meal last year, and the 14% increase the year before that.
The price of energy is one of the primary drivers of inflation, and unfortunately, misguided energy policies have caused prices to steadily increase over the past almost three years – leading to the third consecutive year Americans will be paying significantly more for Thanksgiving dinner.
The strong correlation between food and energy prices is due in large part to the fact that farming and ranching are energy-intensive industries. High energy prices lead to significant increases in operating and transportation expenses for America’s farmers and ranchers – leading to increased food costs for families and restaurants.
Consumer Energy Alliance’s 2023 Food and Energy Report found that the average American family of four will pay nearly $15,656 in 2023 for food, a projected increase of 5.8%. That follows 2022, a year in which Americans spent more on food than ever before. Combined, that’s nearly a $2,500 increase in just two years – a significant financial burden for families to shoulder.
