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Steve Rattner: Your Thanksgiving Meal Has Gone Up 20%, Cannot Blame Biden Or Fed

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Steve Rattner: Your Thanksgiving Meal Has Gone Up 20%, Cannot Blame Biden Or Fed

2022-11-23 20:01:44

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Steve Rattner on ‘Morning Joe’ right now defined why the worth of a Thanksgiving dinner is now 20% costlier than it was a yr in the past and mentioned it’s not one thing you possibly can blame on the Biden administration nor the Federal Reserve. Sachs mentioned the avian flu is guilty for the elevated price of turkey, the worth of pumpkin pie went up as a consequence of local weather change, and the Ukrainian warfare drove up wheat costs.

WILLIE GEIST, MSGlobalnews24.eu: Let’s flip to your charts and the story of Thanksgiving. Inflation is hitting people who find themselves going out procuring right now to purchase their turkey and their mashed potatoes, every little thing else. Costs are up 20% for a dinner this yr, feels like, nearly.

STEVE RATTNER: Yeah, yeah. It is fairly wonderful. They’re up 18%, as much as $81.31, which you’ll be able to see on the chart, within the bar chart within the center.

Only a yr in the past $68.72. That is to feed a household of ten. And on the precise you possibly can see a few of the predominant objects included in your Thanksgiving dinner. Stuffing up — we’ll discuss causes in a second. Stuffing up 69%, rolls up 22%, pumpkin pie up 22%. Turkey, which is the largest merchandise in your Thanksgiving plate, not surprisingly, up 21%. Additionally up $5. Totally a 3rd of that elevated. The one one down is cranberries, down 13%.

I do know any individual that is going to ask me why are cranberries down 13%? The reply is, as a result of not like a whole lot of the remaining I will let you know, cranberry crops had been up 4%. There are a whole lot of cranberries on the market.

GEIST: Alright, some excellent news. A silver lining.

RATTNER: Numerous cranberries on the market. The explanations are attention-grabbing they usually reduce throughout an entire bunch of various elements. And in equity, this isn’t one you possibly can’t pin on the Biden administration or on the Federal Reserve. We have got a bunch of stuff happening on the market. If you wish to discuss concerning the worth of turkey, what occurred to turkey is avian flu. Which a few of you’ll have adopted. Avian flu killed 8 million turkeys out of our 46 million turkeys and so turkey costs go up.

The opposite issue that impacts all of the issues like bread and stuffing and pumpkin pie and all that’s the drought. This enormous drought happening on the market, nearly at report ranges. Definitely highest in a few years. We are able to debate, that is the one form of coverage space right here. We are able to debate whether or not world warming has one thing to do with this, local weather change has one thing to do with this or not, however drought is a giant issue as a result of it means much less wheat, fewer potatoes and so forth, and that’s additionally pushed up costs enormously for wheat. The warfare in Ukraine additionally helped warfare drive up costs enormously for wheat.

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