With Thanksgiving less than two weeks away, grocery store prices are hitting Americans hard.
Prices at food stores are up 12 percent from last year, while the price of a Thanksgiving turkey is up 17 percent.
For the first time, it may be cheaper to dine out for the holiday than it is to cook at home.
Brad Rubin, Wells Fargo’s food and agribusiness analyst said that “Americans may find value in eating out… what has been considered a luxury experience is more of a valuable experience this year.”
According to the Bureau of Labor Statistics, the cost of dining out rose 8.6 percent over the last year, while the cost of eating at home jumped a whopping 12.4 percent.
Meanwhile, President Joe Biden claimed that the economy is improving despite data showing consumer prices continue to rise.
On Thursday, Biden said that he can’t promise Americans that inflation levels will go back to how they were before his disastrous economic policies set in.
“It will take time to get inflation back to normal levels – and we could see setbacks along the way – but we will keep at it and help families with the cost of living,” Biden said.
Despite food prices rising by 0.4 percent in October, Biden still insisted that progress is being made, touting the fact that Americans will see a much-needed break during the holiday season.
“[We are seeing] a much-needed break in inflation at the grocery store as we head into the holidays,” Biden said adding “progress [is being made] in getting inflation under control.”
However, Biden was careful in choosing his words, warning Americans that he can’t “guarantee” he will be able to get rid of inflation entirely.
“What I can’t do is I can’t guarantee that we’re going to be able to get rid of inflation, but I do think we can,” Biden said.
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