By:Â Saira Malhotra
It's that time of year where we sit around the table and acknowledge how thankful we are for a good harvest before we tuck into turkey and candied yams- Thanksgiving! Yet this year, it seems like a paradox to be so thankful as we face the highest rise in costs for a thanks giving meal in 2 decades. Yes, pretty much everything at our Thanksgiving table will reflect a 13% price hike, be it pumpkin pie or stuffing according to the American Farm Bureau Federation this week (not to mention turkey's rise in cost by 22%).
The cost of food is certainly on the rise but the rate at which it is increasing does not go hand-in-hand with the Thanksgiving dinner. The Census Bureau indicated an increase of 6.3% of food eaten at home, which is less than half compared to this holiday feast. As mentioned by Business week, while the U.S. food prices go up, global food prices have made the descent by 9.1%.
Yet these price hikes should not come as a surprise. With gasoline prices inflating by 28%, there would be an inevitable repercussion on food costs. To make matters worse, many are faced with paying for high food price with shallow pockets as they are shelling out more for fuel. "Consumers are getting a double whammy. It costs more to get to work, and they have less disposable income to spend on other things after they go to the grocery store", says Corinne Alexander, an agricultural economist at Purdue University in West Lafayette, Indiana.
Does this mean that you have to compromise on what will be at your Thanksgiving table? Not necessarily and there are ways to be smart about it without making a hole in your pocket according to Business Insider:
1)Â Â Â Â Â Avoid drug store shopping - Make your purchases for food items at grocery stores as they are more competitively priced.
2)Â Â Â Â Â Download 'Grocery iQ' on to your phone to get the latest in deals and coupons.
3)Â Â Â Â Â Make sure to use your grocery store 'rewards card' to avail of all promotions.
4)Â Â Â Â Â Benefit from economies of scale by making more food and freezing leftovers for a 'don't feel like cooking' evening.
5)Â Â Â Â Â Pot luck - Outsource certain courses to your guests. You will make them feel like participants and not just guests as well as freeing up some of your own funds.
Photo:Â The Vault DFWÂ
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