WEST LAFAYETTE, Ind. (WPTA21) - Thanksgiving 2020 is likely to take a bigger bite out of your checking account due to an increase in prices on holiday staples.
Researchers at Purdue University say food prices have nudged upward during the ongoing pandemic, making for a costlier holiday feast.
It was actually worse earlier this year, they said.
“While many of the food prices have come back down off the spikes in late spring and early summer, retail food prices remain significantly higher now than at the same time last year," said Prof. Jayson Lusk, the head of Purdue's agricultural economics department. "In October (the last data available), prices of food at grocery stores were 4 percent higher than the same time last year.
“It’s been almost a decade, since 2011, that we observed this rate of annual food price inflation.”
USDA data shows wholesale turkey prices up 15 percent over last November -- and 30 percent higher than they were two years ago.
Meat, dairy and egg prices are up more than 6 percent from last year, and baking products have edged up about 3 percent.
Lusk anticipates a run on certain goods around the holidays, which could lead to shortages of some products.
But he says it will likely pale in comparison to the empty shelves many stores experienced this past spring.