Consumers are finally feeling some relief at the grocery store.
After weeks of news about the rising cost of Thanksgiving foods (up as much as 73% for turkey and 20% for potatoes), there’s some good news for many poultry meats — just as many people are sitting down to Thanksgiving dinner.
Months of price increases saw a slight reversal in course when the Bureau of Labor Statistics announced that in October, chicken prices fell 1.4% from the previous month.
It’s still up 14.5% yoy but, as CNN first reported, the downward trend is a welcome sign after months of persistent inflation. Turkey prices have been subject to particularly inconsistent fluctuations – at the height of bird flu in October, prices for frozen products rose as much as 73% while later that in line with other meat prices fell by 24%.
In the most recent examination, figures from the USDA found that turkey prices rose just 6% from 2021 largely due to lower cases of bird flu as well as a moderate inflation correction and lower demand now that everyone is buying Thanksgiving turkeys.
The CPI found that, in October, groceries in general were 12.4% more expensive than a year earlier.
If you’re not sick of leftovers yet, buy turkey
“It doesn’t mean we won’t see a rebound in the spring, when they come back, but we’re coming out of the peak season right now,” Bernt Nelson, an economist with the American Farm Bureau Consortium, told CNET.
This is good news for those who also eat turkey at Christmas or generally eat it as part of their diet – it’s time to buy it now as prices could go up again in a few weeks.
While one study showed that inflation led 38% of Americans to spend less on Thanksgiving this year, food inflation has been a constant problem not just around the holidays but for just about everyone.
Several foot traffic reports previously found that people who ate at sit-down restaurants started heading toward McDonald’s. (mcd) – Get a free report and chipotle (CMG) – Get a free report While more and more people will bargain at stores like Family Dollar, Dollar General, and Five Below (five) – Get a free report to buy groceries.
Another study from insurance company Nebraska Breeze found that 73% and 62% of American households cut spending on restaurants and groceries earlier this year.
Promises to combat food inflation can be a marketing strategy
In the beginning of November, Wal-Mart (wmt) – Get a free report Shoppers promised they’ll keep the costs of foods that are traditionally part of the Thanksgiving spread the same as they were in 2021.
The offer includes items like turkey, ham, and stuffing and will run through the end of December for those who are cooking up similar things for the winter holidays.
“We’re proud to offer customers this year’s Thanksgiving meal at last year’s price, so they don’t have to worry about how to set their holiday table,” Walmart executive vice president of Food John Laney said in a statement. “We are currently lowering prices, and customers can take advantage of the savings for all of their holiday meals through December 26, 2022.”
The promotion received a largely positive response suggesting that food inflation is driving the shopping habits of many consumers – any deal that promises to combat it will do good things for the retailer’s image.