Brace Yourself for Higher Prices this Thanksgiving

Over the past year, inflation has turned up in everything from household items to used cars. Now it’s coming for your turkey and cranberry sauce.

Thanksgiving is next week for Americans, and as I’m sure you’ve noticed, prices are way up. The average cost of a typical holiday feast has increased 14% compared to Thanksgiving last year, according to the American Farm Bureau Federation’s (AFBF) annual survey. The price of the turkey alone is up 24%, which is nearly four times the official inflation rate as reported by the Bureau of Labor Statistics (BLS).

Higher fuel costs will certainly be felt during this year’s busy holiday travel season. As many as 53.4 million people are expected to hit the roads and take to the skies next week, according to the American Automobile Association (AAA). That’s within 5% of pre-pandemic 2019 levels.

Looking just at U.S. commercial air travel, some 4.2 million people are forecast to fly this Thanksgiving.

That would be close to double the traffic from last year and a decrease of around 9% from 2019. Indeed, air traffic numbers, although improving slightly, still lag 2019 levels as business travel has yet to fully recover compared to leisure.