Thanksgiving dinner costs on average up more than 20%

by Kim Souza (ksouza@talkbusiness.net)

Consumers should not be surprised that a Thanksgiving dinner for a party of 10 will cost more than 20% this year thanks to inflation, fueled in part by higher prices charged by food companies.

The overall cost is roughly $6.50 per person or $64.05 this year for a traditional Thanksgiving day turkey dinner, up from $53.31 last year. According to the American Farm Bureau (AFB) survey, higher prices are not dampening plans to celebrate. Families who will also add ham, russet potatoes and green beans to their overall meal will spend on average $81.30, a gain of 18% over last year’s average price of $68.72, AFB reported.

“Spending time with family and friends at Thanksgiving remains important for many Americans, and this year the cost of the meal is also top of mind,” according to Roger Cryan, AFB chief economist.

https://talkbusiness.net/2022/11/thanksgiving-dinner-costs-on-average-up-more-than-20/

Residents can expect higher heating bills this winter, according to EIA

by Talk Business & Politics staff (staff2@talkbusiness.net)

U.S. households will likely pay more to heat their homes this winter, according to the U.S. Energy Information Administration (EIA). Compared to last winter, households are expected to spend 28% more on natural gas, 27% more on heating oil, 10% more on electricity and 5% more on propane.

On Wednesday (Oct. 12), the EIA released its 2022 Winter Fuels Outlook showing that U.S. residential energy prices will be higher this winter and heating fuel consumption is projected to be higher amid a colder winter than last year.

The National Oceanic and Atmospheric Administration expects the United States to have a slightly colder winter than last year, leading to higher consumption levels. The higher energy prices and consumption levels contribute to higher heating costs for households.

https://talkbusiness.net/2022/10/residents-can-expect-higher-heating-bills-this-winter-according-to-eia/