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Americans continue to grapple with food price inflation, as evidenced by recent Bureau of Labor Statistics data. The food-at-home index rose 0.4% in September, with the meats, poultry, fish, and eggs categories experiencing a notable 0.8% price increase. Egg prices, in particular, have seen a dramatic 39.6% surge year over year.
As Thanksgiving approaches, major food retailers are responding to consumers' financial concerns by introducing new holiday meal deals.
Wealth! host Brad Smith delves into the details of these offerings, highlighting some of the top promotions from major retailers like Walmart (WMT) and Aldi. These companies are striving to deliver what they're calling an "inflation-free holiday meal," helping customers enjoy their Thanksgiving celebrations without breaking the bank.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
This post was written by Angel Smith
Well, inflation has hit Americans hard over the last couple of years, and though we're seeing an overall moderation, there are certain areas of the economy where prices have remained a little sticky, and one of those areas, food. According to the Bureau of Labor Statistics, the food at home index, AKA the prices that you pay at the grocery store, jumped in September, rising four tenths of a percent from the prior month. Now, five of the six major grocery store food group indexes increased last month. Meats, poultry, fish, and eggs, and those prices, they rose eight tenths of a percent month over month. Egg prices alone, they spiked in September, rising nearly 40% from a year ago. So safe to say, Americans are feeling inflation's pinch at the dinner table, and nearly a month out from Thanksgiving, grocery stores are taking notice, releasing Turkey Day deals to boost consumer demand. Walmart announcing today, it's bringing back its inflation-free Thanksgiving meal at a lower price than last year, and the meal, it features 29 items and serves eight people for less than $7 per person. It'll come with a frozen turkey, Hawaiian rolls, pecan pie or pecan, and ingredients for a number of other Thanksgiving day delicacies. Let's stack that up against Aldi, which released its lowest price meal in this deal in five years. It'll run less than $4.70 a person, feeds 10 people, and the meal includes a Butterball turkey, gravy, rolls, mac and cheese, stuffing, and ingredients for more recipes. My stomach, oh yeah, it's getting hungry, and it also hurts just thinking about all the eating we're about to do here. A survey from PWC shows 59% of consumers will say inflation will probably influence their holiday spending this year. So, if you're worried about the cost of food, be sure to check out the deals that could save you some cash this holiday season.
