Ham, yams, the fam, and the inflation slam – yes, it’s Thanksgiving this weekend.
Or, in other words, while turkeys are getting stuffed, your wallets are not.
Driving the news: Grocery bills had increased by an average of 6.8% at the end of summer compared to August 2022, so go easy on the gravy train this weekend. One Toronto Redditor recently reported finding an oven-roasted turkey for $119.99 and other birds for $59.99.
Prices for butter, veggies, meat, wine, and baked goods are also at all-time highs.
National food researcher Sylvain Charlebois says Canada’s 2023 Food Price Report predicted a 5 to 7% cost increase for grocery items like vegetables, dairy, and meat.
Potatoes, corn, and cranberry sauce are all significantly affected, and 22% of Canadian households are planning to make menu adjustments as a result of higher prices.
- You might also like:
- The future of advertising: Meta is rolling out AI-generated ad tools
- AI wearables are gaining popularity, but are they a violation of privacy?
- How Meta’s Canadian news block is hurting small outlets
Why it matters: Thanksgiving is already stressful — even if you’re not the one hosting the whole extended family. Add some inflated food prices, and you might be mad-mashing those potatoes harder than ever. Luckily, there are solutions to help mitigate costs this weekend:
Make this year’s feast a potluck and ask each guest to bring a dish, cocktail, or wine to share and lighten everyone’s financial load.
Incorporate meat as an ingredient rather than the main dish to reduce overall costs. Think Casseroles, soups, stews, and quiches.
Think of what you can bake yourself, including making rolls, bread, or dessert, instead of buying pre-made options from a bakery.
Bottom line: And if you’re really feeling crazy, maybe skip the turkey altogether this year.
Get smarter about what matters. Sign up for The Peak, a free five-minute daily email on Canadian business, tech, and finance that you’ll actually enjoy reading.
Follow Channels and Categories