Financial challenges could cast a shadow on the first holiday feast of the season, but there are some solutions for Americans looking to enjoy Thanksgiving on a budget.
Inflation is currently at 7.7% and prices on goods have continually crept upward in the food category, which rose 10.9% in the last year, according to the U.S. Bureau of Labor Statistics’ latest Consumer Price Index report.
According to the latest numbers, food at home costs have risen 12.4% since November 2021, while the food away from home category — restaurants and takeout, for example — only rose 8.6%, leading Wells Fargo agricultural economists to suggest that this may be the year to dine out for Thanksgiving.
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“That narrowing of the gap means some Thanksgiving dishes at your favorite restaurant are closer in price to your food at home which could save you time and energy,” the experts wrote in a blog post for the bank weighing the pros and cons of the holiday costs. “In other words, you could spend about the same on a dish at a restaurant as you would preparing it at home.”
“Good Morning America” turned to experts for additional insight to help consumers keep the food-centric holiday bill to a minimum.
According to a new Instacart survey conducted by The Harris Poll and shared with “GMA,” nearly 67% of Americans who are planning to host or attend Thanksgiving have reported concerns over rising food costs.
The data also showed that of the 83% of Americans surveyed…
