![]() Airfares declined slightly in October from the previous month, but are still nearly 43% higher than they were a year ago. Likewise, millions of people are paying a premium to see distant family members this year. "People will eat what they want to eat on Thanksgiving," he says, and make adjustments elsewhere in their budgets. Swanson says that while some families might try to cut their food bill by shopping at discount supermarkets or switching to less-expensive store brands, he doubts many will scrimp on the big holiday meal. Polls showed inflation was a top concern for voters heading into this week's midterm elections. That outstrips the overall inflation rate of 7.7%. Grocery prices in October were 12.4% higher than a year ago, according to a report from the Labor Department released on Thursday. ![]() ![]() ![]() High energy costs, labor shortages, challenging weather conditions and avian flu have combined to push the cost of a Norman Rockwell Thanksgiving through the roof, he's found. "We haven't caught a break yet," says Michael Swanson, lead agricultural economist at Wells Fargo. Potatoes and cranberries are more expensive as well. Wholesale turkey prices have jumped 23% from a year ago, gobbling up a big chunk of the holiday budget. At many family get-togethers this month, inflation will be on the menu. As Americans prepare to gather for Thanksgiving, the high cost of both turkey and travel is grating on their sense of gratitude.
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