The Fed’s Thanksgiving Turkey

Source: The American Prospect
by Robert Kuttner

“The American Farm Bureau Federation is out with a report supposedly showing how much more U.S. families will pay for their Thanksgiving dinner this year. The headline number is scary (20 percent more than last year), enough to make the Federal Reserve keep tightening the money screws. Turkeys are the biggest source of the increase, with posted retail prices up 24 percent. But if you take a closer look, it’s a very different story. By the middle of next week, when most people actually buy turkeys, the Farm Bureau admits, supply and demand will cause prices to drop dramatically. Posted turkey prices have already dropped by 14 percent since the Farm Bureau’s survey, according to the USDA. The Ag Department says final retail prices of turkeys will be only about 1 percent higher than at last Thanksgiving.” (11/18/22)