Upcoming Thanksgiving Meal Looks To Be Most Expensive In Years
MIAMI (CBSMiami) - We are nearing that time of the year where groceries stores are filled with people getting their items for Thanksgiving.
"Where are you shopping today at Publix? 'Yes, I was getting some stuff, but I have noticed that prices have increased significantly.' Taking into account last year," said grocery shopper Isabella Vernal.
She said she has noticed her wallet is taking a hit.
"Well, I just spent 30 dollars on four things. So they have definitely increased."
And she is not the only one.
"Now it is a completely different story. The average bill is definitely 10% higher," said Jan and Ana Ramos.
According to new government figures, beef prices are up 20% since last year.
The labor department says inflation has hit a thirty-one-year high, with prices rising including food, gas, and rent at more than double the rate we have seen in recent decades.
Prices typically rise about 2-3% a year. But since a year ago they have shot up more than 6%.
Financial expert Charles Sachs said it is due to inflation.
"This is the highest increase of inflation we have seen in 30 years and I think there is a real answer to it. This is not runaway inflation that we had in the 70 and there is a lot of economic reasons for that… this is more akin to the great reopening post World War II," said Sachs.
And just to give you an idea, I went shopping for my Thanksgiving items at a local grocery store, Milam's Market and here is what I found.
- Beans $1.89
- Gravy $1.99
- Yams - $2.69
- Pumpkin pie $7.99
And turkey is 79 cents per pound, but the sign reads: only 1 per household.
"People might be stockpiling, remember the scare could be toilet paper or turkeys. So, that is a phenomenon that needs to run its course to the point where you can go back to Publix and see fully stocked shells, and then the supply and demand will kick. And we will expect those great buy one get one sale but it will take some time."