You know who to thank for that.
Americans will likely face higher prices on items for their Thanksgiving dinners this year.
Turkey, typically the centerpiece of the Thanksgiving meal, will be one of the biggest sticker shocks for consumers. Wholesale prices for a turkey have jumped 40% from a year ago, according to the Department of Agriculture. Outbreaks of avian influenza, or bird flu, and increased demand have contributed to these higher prices.
Those opting for beef instead of turkey should also prepare to pay more. Beef prices are nearly 15% higher than they were last year, according to data from the Bureau of Labor Statistics.
Canned vegetables are 5% more expensive compared to last year, due to higher packaging costs from the steel and aluminum tariffs the Trump administration put in place earlier this year.
President Trump announced Friday that he would be rolling back tariffs he imposed on beef, coffee, tropical fruits and other commodities, in an effort to combat high prices at grocery stores.
David Ortega, a professor and food economist at Michigan State University, said those rollbacks won’t lower prices completely, as tariffs aren’t the only cause of increasing prices.
“By removing the tariffs, what we’re doing is we’re slowing down the increase in the price of many of these goods,” Ortega said. “So while we may not see prices go down for the holidays, it helps in terms of moderating the price increases that we’ve been accustomed to at the grocery store.”
Yep, even where tariffs may not have directly affected the cost of a given food, tariffs on steel or aluminum will affect the cost of the packaging. Sure is a good thing Trump reduced grocery prices on day one, isn’t it? Happy Thanksgiving anyway.