Americans will pay higher prices for a range of goods and services for the Thanksgiving holiday and Black Friday shopping this year, and it looks like things may only get worse as we draw nearer to Christmas.
Those driving for the holidays and of course those preparing the Thanksgiving meal will pay the price this year. Federal inflation data from the Commerce Department shows energy costs have risen 17.6% in the past year, and overall food costs increased 10.9% in the same time.
As Americans prepare for Thanksgiving this year, traveling and cooking a family dinner will be significantly more expensive.
Inflation has increased by more than 6.2% this year, according to the consumer price index (CPI), representing the highest rate of price hikes in nearly 31 years.
In January 2021, before Biden “took over the presidency, annual inflation was at a stable 1.4 percent,” Americans for Tax Reform notes. “While inflation has already hit American families hard, President [Joe] Biden is pushing policies which would make this problem even worse.”