This is looking like a good year to explore those Thanksgiving turkey alternatives you’ve always meant to try. That’s assuming the real-world accuracy of this chart from Bank of America showing surging prices of turkeys ahead of the U.S. holiday as the food industry struggles with supply and labor issues that have helped drive the U.S.’s annual inflation to a 31-year highs, according to data released Wednesday.
According to the above chart, the price of a 15-pound turkey has surged from $11 in 2018 to nearly $21. That’s the highest in decades, after a 25% jump in just the past year. And just about anything else you might need to make that dinner complete is probably costlier, as well, with eggs up nearly 30% in a year and sugar up 12%. See: Inflation in the grocery aisles: Prices of roast beef, eggs and bacon are up nearly 30% since last October Also: Good luck escaping inflation — the biggest contributors to the 31-year high include rent, gas and groceries And spare a thought for the nation’s food banks, which now worry about not having enough stuffing and cranberry sauce for Thanksgiving and Christmas. Let alone turkeys, as some are handing out chickens this year, as the Associated Press recently reported. Lynne Telford, CEO of the Care and Share Food Bank for Southern Colorado in Colorado Springs, told the AP that the donation cost for an entire frozen turkey has climbed by $10 to $15.
And: Grocers went hungry for last-minute Thanksgiving shoppers Walmart preview: With inflation a top concern, Walmart is closing the price gap with Amazon