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Consumers tighten belts ahead of Thanksgiving
Experts are expecting consumers to start cutting back on essentials including certain food products which have risen sharply during the past 12 months.
The Producer Price Index, which measures the cost companies pay for finished goods and services, increased 0.2 percent in October, seasonally adjusted, according to the latest report from the US Bureau of Labor Statistics issued last week. The 0.2 percent rise is half what analysts had expected, giving some hope that inflation may have plateaued.
Final demand prices rose 0.2 percent in September and were unchanged in August. On an unadjusted basis, the index for final demand goods rose 8.0 percent for the 12 months up to October.
The price of some foods has risen dramatically since October 2021. The price of fresh eggs has risen 157.9%, fresh fruit by 34.5%, processed turkeys by 39.9% and pasta products by 37.4%.
Some grocers are offering promotions and discounts on Thanksgiving staples such as turkeys and potatoes but in doing so, cut their profit margins to a bare minimum.