As many Americans are concerned about how inflation will impact their Thanksgiving dinner, some supermarkets are lowering their prices to help consumers make a home-cooked meal possible rather than eating out.
Grocery stores reduce prices amid inflation as many Americans consider eating out or ordering in to afford Thanksgiving meal
Due to rising food prices, many Americans are considering either ordering in or eating out for the holidays instead, which may be the impetus behind some grocery chains making an effort to reduce prices, Today reported.
It’s not only Americans that are faced with this dilemma for the holidays. At least five supermarket groups in the UK are also cutting prices as they compete with one another, Yahoo reported. Supply chain issues and rising fuel costs have impacted British shoppers as much as Americans.
In the US, Aldi and Walmart are at least two grocery store chains that announced they would be rolling back some of their Thanksgiving food items to 2021-level prices.
2022 Thanksgiving is more expensive than ever
“There’s no question that this year Thanksgiving is more expensive than ever before,” Phil Lempert, the founder of SupermarketGuru.com, told NBC. “Typically, you’re going to save if you go out this year, somewhere between 10 and 15 percent.”
Prices at the grocery store have increased 13 percent year-over-year by September 2022 compared to September 2021. However, that’s an overall average considering all prices. The percentage can be much higher on specific items.
In 2022, a 20-pound turkey will cost about 28 percent more, roughly about $6 more than in 2021.
Restaurant prices will be higher as well
Depending on the size of your family and meal choices, it may be less expensive to order in or dine out for your Thanksgiving meal. But keep in mind that restaurant prices have also risen with inflation.
The cost of restaurant food increased 8.5 percent year-over-year from September 2021 to September 2022, according to the US Department of Agriculture (USDA).
However, comparing supermarket prices (up 13.5%) to restaurant prices (up 8.5%), grocery store prices are 5 percent higher by comparison, so it could be cheaper to let someone else do the cooking.
Higher prices: USDA Outlook on food prices 2022 into 2023
September’s food-at-home inflation stood at 11.20 percent, according to the USDA, and is expected to increase to as high as 12 percent, while food-away-from-home prices are expected to increase up to 8 percent.
But the outlook for 2023 is much worse according to the USDA, which predicts a further rise in all food prices between 3-4 percent, with food-at-home prices increasing between 2.5-3.5 percent, and food-away-from-home prices increasing between 4-5 percent.
