The escalating costs of holiday favorites such as canned cranberries, canned pumpkins, and russet potatoes are compelling families to devise innovative strategies to manage their budgets.
CBS News reports that the price of canned cranberries has surged by 60 percent, canned pumpkins by 30 percent, and russet potatoes by 14 percent over the past year. This inflationary trend is prompting a shift in consumer behavior, with families becoming more judicious in their spending.
"We're definitely more conscious about what we purchase," one holiday shopper informed CBS News, highlighting the impact of inflation on their buying decisions. Another shopper expressed the financial strain of feeding their family this year, describing it as "super expensive." To mitigate the financial burden, they are sharing costs with other family members.
Despite the financial hardship faced by many Americans due to escalating grocery prices, President Biden, on the eve of Thanksgiving, defended his economic policy, dubbed "Bidenonomics." He argued that it is effective as travel costs are witnessing a slight decline.
"Folks, no matter where you're headed this holiday season, you'll be heading there for less. Gas prices are down $1.70 from their peak, airfares are down 13%, and car rental prices are down about 10%. And we're not done taking action to get those prices down even more," President Biden stated.
However, critics argue that the temporary dip in travel costs does not offset the initial surge caused by the Biden administration's policies. They point out that these costs are still significantly higher than they were under the previous Republican administration led by President Donald Trump.
The escalating food prices are not a new phenomenon. Last year, Thanksgiving food prices hit record highs, and this year's prices have surpassed those figures. With some Americans spending as much as 27 percent of their income on groceries, the rising costs are likely to hit poorer families the hardest.