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New York CNN —Target is lowering the price of its Thanksgiving meal bundle, adding to the roughly 8,000 products that have been discounted as it attempts to attract inflation-weary shoppers during the holiday season. Target is the latest major retailer to chop the price of its Thanksgiving meal bundle, joining Aldi and Walmart in a holiday price war. Sam’s Club last week announced a Member’s Mark Thanksgiving meal, which feeds up to 10 people for under $100, made up of the warehouse club’s private label products and is delivered already cooked. Food price inflation has moderated substantially during the past year, Consumer Price Index data shows. Gomez said Target customers are buying in bulk to save money, or purchasing smaller items that have cheaper prices compared to their full-sized counterpart.
Persons: Rick Gomez, Dr, Michael Swanson, Gomez, , Organizations: New, New York CNN, Target, CNN, Aldi, Walmart, Sam’s, of Labor Statistics, Food Institute Locations: New York, Wells
“The only time I use my grill that’s outside on my deck is for my Super Bowl party,” said Steward, in an interview with CNN. Tricks to manage the costThis year is the 26th year that San Francisco resident Amy Larson and her husband are throwing their Super Bowl party. “Super Bowl every year is my excuse to make him tailgating food, in particular hot wings,” she said. Over the years, Larson has perfected a few tricks to manage her Super Bowl food budget. “I also usually buy spirits and other drinks but I’m not sure about that either because of the higher prices,” Steward said.
Persons: Tod Steward, He’s, It’s, , Steward, Steward hasn’t, , haven’t, that’s, ” Tod Stewart, Tod Steward There’s, Debbie Downer, ” Michael Swanson, Swanson, ” Swanson, Amy Larson, Larson, Amy Larson's, Amy Larson “, ” Larson, he’s, ” Steward, , Alicia Wallace Organizations: New, New York CNN, Super Bowl, CNN, Wells Fargo, San, Bowl, Super Locations: New York, Seattle, Wells, San Francisco, Bay
While this year’s Thanksgiving dinner is more affordable compared to last year, it is still up 25% from 2019, underscoring price increases since the pandemic. But you can thank turkeys for the lower meal cost this Thanksgiving. “Traditionally, the turkey is the most expensive item on the Thanksgiving dinner table,” Veronica Nigh, senior economist at the AFBF, said in a statement. The Northeast has the most expensive meal price at $64.38 for the 12-item basket. The national average for the Thanksgiving meal was calculated by checking prices in all 50 states and Puerto Rico from November 1 to 6.
Persons: Wells Fargo, Michael Swanson, Veronica, Zippy Duvall Organizations: New, New York CNN, American Farm Bureau Federation, Bureau of Labor Statistics, US Department of Agriculture, CNN, USDA, Wells, Food Institute, cranberries Locations: New York, Turkey, Puerto Rico
But declines in small-cap stocks suggest that worries about the US economy’s health still linger on Wall Street. The Russell 2000 index, which tracks the performance of US small-cap stocks, last Friday touched its lowest level since November 2020 after turning negative for the year earlier in October. Small-cap stocks tend to be an indicator of economic strength, because they generate most of their revenue domestically. Still, Mahajan says that small-cap stocks could be set up for a rally, especially if the economy sees renewed growth next year. Turkey prices drop as Thanksgiving planning ramps upSomething wild has happened with turkey prices that’s going to make the cost of cooking the Thanksgiving meal more palatable to families on a tight budget, reports my colleague Parija Kavilanz.
Persons: Russell, Jim Polk, , Mona Mahajan, Edward Jones, Jerome Powell, Mahajan, Polk, Bryan Mena, Parija Kavilanz, “ There’s, Michael Swanson, Swanson, Wells Fargo’s, Read Organizations: CNN Business, Bell, New York CNN, Federal, Big Tech, Homestead Funds, Fed, Penn Capital Management, Federal Reserve, Wells, Food Institute Locations: New York, small, Israel, Turkey
New York CNN —Something wild has happened with turkey prices that’s going to make the cost of cooking the Thanksgiving meal more palatable to families on a tight budget. “Because turkey prices are down so much, and that’s the centerpiece of the meal, celebrating Thanksgiving at home will be more advantageous this year for families,” he said. Drop in turkey prices could bring down the overall cost of a Thanksgiving home-cooked mean this year. Food price increases have been easing this year, offering much-needed relief for many households. Canned food is still costlier heading into the Thanksgiving month compared to last year.
Persons: “ There’s, , Michael Swanson, Swanson, Christopher Walljasper, Wells Fargo’s, There’s, “ Russets, , Danielle Wiener, Bronner Organizations: New, New York CNN, Wells, Food Institute, USDA Livestock Marketing, USDA Locations: New York, , Pacific
Retail beef prices in the U.S. are at record highs, pushing up prices of beef-based products from burgers to steaks and steak tartare. Retail beef prices are currently hovering around record levels of about $8 per pound, according to data from the United States Department of Agriculture (USDA). "All consumers will be paying more for all beef products for several more years," Wells Fargo's Chief Agricultural Economist Michael Swanson told CNBC via email. "As cattlemen retain cows to rebuild the herd, there is a much lower supply of cattle to provide beef," Swanson said. With elevated cow slaughter, has come tighter cattle supplies, and an expectation that domestic cattle supplies will remain tight into the future.
Persons: That's, Wells, Michael Swanson, Swanson, Brandon Bell, Brian Earnest, Adam Speck, Speck Organizations: Portland Press Herald, Getty, CNBC, United States Department of Agriculture, USDA, Gro Locations: U.S, Texas, Kansas, Quemado , Texas, Gro Intelligence's
Buy: Chicken wingsThanks to an increase in chicken supply this year from poultry farmers, the cost per pound for wings has decreased significantly from 2022. According to the Wells Fargo report, whole chicken wings are going for an average of $2.65 a pound, down from $3.38 a year ago. "Consumers and restaurant operators will find the supply of chickens at the highest level since the beginning of 2019," Michael Swanson, Wells Fargo's chief agricultural economist, wrote in the report.
Load up on wings and guacWing fans will like this: A pound of chicken wings is down 22% from January 2022 because of more supply. Last year at this time, the retail price for whole chicken wings was $3.38 per pound for the week of Super Bowl LVI, according to the US Department of Agriculture’s weekly retail price report. “Chicken wings were so expensive last year that consumers were looking for alternatives to serve at the party. “The dollar amount per person at this year’s Super Bowl party ultimately depends on what they drink and consume,” said Swanson. The 57th Super Bowl will take place on February 12, 2023, at State Farm Stadium in Glendale, Arizona.
Wells Fargo's report found that the price of groceries has increased at a rate of 9.81%. Items like turkey have become more expensive, so Gen Zers are celebrating Thanksgiving differently. Many young people are also battling student debt — the average loan balance for Gen Zers is $20,900, which is 13% higher than millennials. A survey of 1,000 participants conducted by the financial advisor Personal Capital last month found that 32% of Gen Zers are choosing to adapt their Thanksgiving so they can spend less money. The survey also found that many young people are forgoing the tradition of centering their meal around turkey, opting for a cheaper option instead: pizza.
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