Consumers get mixed relief from food inflation this Thanksgiving, according to Wells Fargo

Turkey will cost consumers 9% less this year, despite a 30% drop in wholesale prices. Valley News/Adobe Stock photo
Michael Swanson, Chief Agricultural EconomistBrad Rubin and Courtney Schmidt, Sector ManagersWells Fargo Agri-Food InstituteAs people prepare to shop for the Thanksgiving meal, they shouldn’t expect tremendous savings. Despite food-at-home inflation slowing to 2.4% since last October, this year’s celebration will not be less expensive. That’s because there are record price spreads between the wholesale price supermarkets pay versus the retail prices consumers pay – and the difference is impacting some of the most popular holiday dishes, including turkey and ham. Prices for other categories are up too, so consumers will need to be conscious of sales and shopping early. Although many won’t feel relief at the grocery store, those who reside in the states responsible for
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