NYT "This Year US Thanksgiving Table Prices to Soar to Record High"

[Asia Economy Reporter Kwon Jae-hee] The New York Times (NYT) reported on the 25th (local time) that the prices of Thanksgiving dinner items in the United States are expected to soar to an all-time high this year due to supply chain disruptions, labor shortages, and severe weather.

According to the report, agricultural economists, farmers, and grocery executives unanimously agreed that the ingredients needed for the traditional Thanksgiving menu will be more expensive this year than ever before.

This contrasts with last year, when the price of turkey, the representative dish of Thanksgiving, was low due to smaller gathering sizes caused by the aftermath of the COVID-19 pandemic.

According to the annual survey by the American Farm Bureau Federation (AFBF), a U.S. farmers' organization, the prices of 10 Thanksgiving food items were the lowest since 2010 last year.

However, this year, a combination of supply chain disruptions, labor shortages, and severe weather has created the opposite situation.

First, the price of turkey per pound is expected to exceed the 2015 record high of $1.36, according to the U.S. Department of Agriculture price standards, by the end of the year.

The NYT explained that this is due to the price of corn, which is feed for turkeys, having more than doubled in some regions this year.

The price of packaged morning roll bread is also expected to be higher this year as nearly all ingredient prices have risen, and the price of canned cranberry sauce is projected to jump due to steel prices soaring to three times pre-COVID-19 pandemic levels.

California-produced 'Pinot Noir' wine, which pairs well with turkey dishes, will also carry a high price tag reflecting increased energy costs, labor shortages, and delays in glass bottle supplies from China.

Severe weather has also impacted the rise in Thanksgiving dinner prices.

A drought that struck the U.S. Midwest in late spring damaged sugar beet farms, and the sugarcane refineries were shut down due to Hurricane Ida hitting the southern region.

Brazil, the world's largest coffee producer, suffered from drought and cold waves this year, leading to decreased coffee production and soaring coffee prices.

The NYT reported that although consumers began shopping weeks before Thanksgiving, phenomena like panic buying are not expected to occur.