Due to high prices, restaurants may be the best to fund your Thanksgiving feast, report says
If you’re thinking of making reservations instead of donning an apron this Thanksgiving, Consumer Price Index data suggests you might not be a turkey.
According the Bureau of Labor Statistics, the percentage change in the cost of food at home began to exceed that of food out of home in 2021, leaving the gap to narrow as a new holiday approaches. A report published by Wells Fargo suggests that your favorite Thanksgiving dishes might even cost you about the same at a restaurant as if you made them yourself.
The cost of out-of-home food rose at a slower rate than that of in-home food between now and last November, at rates of 5.79% and 9.81%, respectively, the report said. For certain devices, the report notes a variation of 32.5% in the price of eggs, fruit and vegetables up 7.3% and a variation of 25.8% for butter.
With regard to turkey, the recent bird flu problems affecting the poultry industry would have kept prices higher than normal anyway, as the authors of the report said it was expected 23% higher than last year in the fourth quarter.
Some of the latest CPI data available, however, shows that this trend is running out of steam. The table below shows the unadjusted percentage change (UPC) among urban consumers between the last two months of September for food at home and food out of home, but also the change between August and September 2022; these latter figures, shown in the rightmost column, indicate that the still-narrowing gap has eased somewhat.
The table also contains a column displaying the relative importance of items in August 2022, which BLS described as “an estimate of how consumers would allocate their spending as prices change over time”.
|Items||Materiality | August 2022||UPC | Sept. 2021 – Sept. 2022||UPC | Aug. 2022 – Sept. 2022|
|food at home||8.475||13.0||0.6|
|Food Away From Home||5.160||8.5||0.9|
Read the report by clicking here.
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