President Joe Biden said that he did not believe anyone would prefer ‘trading in this Thanksgiving for the final Thanksgiving’, despite rising inflation rates and foot shortages.
Tuesday night’s COP26 press conference saw the president being asked when Americans might see their prices fall.
Biden stated, “Well, first of all, the major reason why prices have risen is because COVID has an effect on the supply chain.”
He also said that gas prices have risen because Russia and OPEC countries are refusing to pump any more oil.
He said that things are much better than they were a year ago.
“If you take a look at this Thanksgiving. He said that we are in a very different situation. ‘As I said this year we’re working on a supply chain issue, well last Thanksgiving I sat down with my wife, my daughter and my son-in-law.’

President Joe Biden said that he did not believe anyone would prefer ‘trading in this Thanksgiving for last Thanksgiving’, despite increasing inflation levels and foot shortages

The price of a frozen 15-pound turkey will cost around $21.50 this year, up 27% from last year’s
His small family gathering was due COVID social ditancing protocols and the fact that Pfzier, the first COVID-19 vaccination, wasn’t approved until a month later.
Biden stated, “This Thanksgiving we’re all living in a very different situation.”
He stated that wages have risen faster than inflation and that there has been real economic growth.
He continued, “It doesn’t necessarily mean that these dislocations won’t be real.” They can have a devastating effect on people’s lives.
He used his trademark whisper later in the presser to express a similar sunny outlook.
He said, speaking into the microphone, “You know, if we take a look at what, which economy is growing… United States is growing.” It has problems, mainly due to COVID’s supply chain, but it is growing.
Thanksgiving will likely be more expensive due to the supply crunch. Turkeys are currently 27 percent more expensive.
Nearly every dinnertime staple – from the popular roasting bird to pumpkins – have jumped in price year-over-year, leaving consumers with a heftier tab.
The price of a frozen 15-pound turkey will cost around $21.50 this year, up 27% from last year’s $16.95 price tag.
A three-pound bag of Russet potatoes cost $1.12 last week, a 13 per cent year-over-year spike from the previous $0.99 cost, according to the US Department of Agriculture.
Other Thanksgiving standbys – including bread, beverages, carrots and more – are also more expensive ahead of the November 25 holiday.
The supply chain crisis has caused prices to rise across the spectrum. Port backlogs slow down deliveries, labor shortages drive up wages, while demand for food increases.

Supply chain disruptions caused by supply chain disruptions led to an increase in the prices of vegetables, bread, juice, wine, and booze ahead of Thanksgiving.
Heather Garlich from the Food Industry Association said that shoppers can expect to see short term grocery price spikes over the next several weeks due to supply chain inflation and higher demand.
‘Grocers historically operate on slim 2% profit margins, and they are doing everything possible to avoid passing inflationary production costs onto shoppers,’ Garlich told DailyMail.com. ‘Also, competition in the grocery sector is fierce, and the battle for market share helps keep prices down for shoppers.’
‘The combination of all these challenges will continue to be disruptive and will create an uneven supply chain recovery, likely into 2022,’ she added.
‘But we ask that shoppers hold on as we continue to recalibrate. While we maintain resiliency in our global grocery supply chain, more time is needed to reach a new equilibrium.’

Shoppers (such as the one pictured in Detroit’s Rivertown Market on October 6) can expect to see short-term grocery price spikes for the next several due to supply-chain related inflation and heightened demand, an expert says

According to the USDA, a pound of green, seedless grapes cost $2.34 in October, compared to $1.96 at this time last year.
Unlike last year’s Thanksgiving dinner expenses, which were down four percent, this year’s feast will come at a higher price.
A two-pound bag of carrots rang up for $1.71 last week, up 47% from last year’s $1.16 price.
(Notably the price of crunchy vegetables dropped year-overyear when they were sold in increments per pound.
According to the USDA, a pound green seedless grapes went up in price by 20%, going for $2.34 in Oct compared to $1.96 in the same period last year.

This chart shows the rise and fall of food prices throughout the past three decades
Turkey farmers indicated earlier this month, that the country’s labor shortage was limiting production and limiting capacity for processing and transport.
Robert Kauffman from Waterman, Illinois, stated that he was concerned about getting temporary help during the dressing season.
He typically hires about 100 temporary workers to help with Thanksgiving, but currently only seven people are employed.
“I can dress with the skeleton crew, but not what I prefer. I won’t get what I want. We can only do about 2,500 birds per day if we have a full dressing line. Kauffman, who raises approximately 60,000 turkeys per year, said, “This is the pace I like to have.”

In a file photo, turkeys are seen on a Johnston farm in Massachusetts. Turkey farmers claim that the national labor shortage has impacted production.
Jayson Lusk, head of Purdue University’s agricultural economics department, said multiple factors are at play.
He said that strong demand, both domestically as well as internationally, has pushed up prices, especially in the meat categories.
On the supply side, it’s become costlier to feed farm animals due to supply chain disruptions, and more expensive to hire workers, he said.

Jayson Lusk, head of Purdue University’s agricultural economics department,
‘If you look at turkey, for example, feed has been more expensive,’ Lusk told DailyMail.com. ‘Corn and soybean is more expensive than they were a year or so ago. And so it’s more costly to produce meat, and particularly in the meat sector labor costs have increased.’
Lusk said that food prices may rise by one percent to two percent during a regular, prepandemic year.
Right now, they’re up about five percent across-the-board. The prices of beef are up by 20%, while poultry prices have risen by 10%.
‘That’s high, but compared to some of the food price inflation we’ve seen back in the 1970s it’s not crazy compared to other things,’ he said
‘I think in some ways what people are reacting to is not a year-over-year increase but some of the cumulative impacts. If you look, for example, at the overall total increase since the start of COVID, for total food we’re talking probably 8% or so.’
Worldwide food prices reached the highest levels in a decade last month – and experts have warned that price spikes of up to 16 per cent in the US could worsen, partly because of soaring energy costs.
The United Nation’s Food and Agriculture Organization (FAO)’s September food price index – a measure of monthly changes in global food prices – reached 130 points, a level not seen since 2011.
It is 32.8 percent more than September 2020.

Beef prices have risen 12.2percent and are now more expensive than other types of meats.

According to the US labor ministry, the bacon price has risen 17 percent.
Prices are also on the rise in the US. Beef prices have risen 12.2 % over the past year and bacon has gone up 17 percent, according the US labor department.
Prices for meat, poultry and fish rose 15.7 percent this August 2019 and were at an eight percent premium.
Lusk stated that meat prices are more susceptible to market instability than other food types.
‘Meat prices tend to be much more volatile in general, in part because there’s just, there are long biological lags,’ he said. ‘If you breed a cow, for example, it’s going to be three years before that offspring is ready for market.
‘And so, that tends to produce a lot more volatility whereas with fruit or vegetables, you’re making year-to-year price decisions, often with multiple harvests during a single season. [Produce farmers]Can respond much faster to changing supply-demand conditions ‘

The UN”s Food and Agriculture Organization’s food price increase has reached a 10-year high
That’s not to say other food products are immune from price jumps ahead of the holidays.
A 16-ounce carton of orange juice went up from $2.26 last January to $2.54 in the last month, which is a 12% rise.
Strawberries were almost 10% more expensive year-over-year, with a 12-ounce container costing $2.45 compared to $2.23 last year.

A 16-ounce carton of orange juice went up from $2.26 last season to $2.54 in the last month. This represents a 12% rise
In September, an average loaf of bread cost $1.58, up from $1.49 in the previous year.
Pumpkin pie prices have slightly decreased year-over-year, while general pumpkin prices are up 20 percent, from $4.11 last year to today’s $4.95 sticker price.
Costco shoppers are also feeling the pinch, and have noted that the wholesaler’s famous four-pound pumpkin pies have shot up $1 in price, from $5.99 last year to $6.99 this year.

Costco’s four-pound pumpkin pie has gone up in price by $1, going from $5.99 last year down to $6.99 now
Costco also raised the price of its Thanksgiving-in-a-box set to $120 this year, up 20 percent from last year’s $90 price tag.
Even with its current $99 sale price, the Thanksgiving meal for eight is notably higher than last year’s cost.

Holidays are a great time to indulge in wine, but it will be more expensive.
Indulging in a glass or two of wine also comes at a higher price, with the latest statistics indicating an average bottle in September cost $13, up five% from last year’s $12.37 average.
Nevertheless, Lusk said there’s no reason to panic.
‘Food price inflation tends to make a lot of headlines, but it’s nothing to freak out about,’ he said. ‘People will have food to buy for Thanksgiving. It may be a tad bit more expensive than last year, but… I don’t view this as some existential threat.
‘It’s something to pay attention to and depending on your income situation, may be something to be a little more prudent about this year.’