For comparison, prices in October 2019 were down 6.6% year-over-year going into the holiday season. Online prices were up 1.9% year-over-year in October, according to Adobe's Digital Price Index released Thursday. "After 17 consecutive months of online inflation, we are entering a new normal in the digital economy." "Consumers are now seeing a double hit to their pocketbooks, with everyday expenses like rent and gas rising, while the big holiday shopping season is going to get more expensive," Vivek Pandya, the lead analyst at Adobe Digital Insights, said in a statement Thursday. What about online deals on Black Friday or Cyber Monday?ĭata compiled by Adobe Digital indicates that holiday shoppers likely won't see the Black Friday or Cyber Monday deals they are used to in the past while shopping online for gifts this year. "If you're planning on doing a road trip during the holiday season, gas is probably going to be a good bit more expensive than it was last year and that's a big deal, especially if you're traveling a good distance to get to grandma's house," Schulz said. And with gas prices rising at among the fastest rates, people should also factor that into their travel plans. 27, 2020.Ĭonsumers should keep these figures in mind as they plan their Thanksgiving menus and celebrations.
This is in line with DOL's data, which indicates the price of food at home rose 5.4% over the past 12 months - with the index for meats, poultry, fish, and eggs spiking 11.9%, the beef index soaring 20.1% and the pork index climbing 14.1%.Ĭustomers shop at Macys department store in New York on Black Friday, Nov.
Overall, this means the cost of "large" turkeys "will only cost $1 dollar more than last year," Vilsack said in a statement Wednesday.
"And those are frankly pretty hard to predict, because for some companies it's parts that they can't get, and for some companies, it's just the cost of shipping, so it's really going to be difficult to predict, but it is definitely going to cause some sticker shock among holiday shoppers." How will inflation impact Thanksgiving plans?Īs for how inflation is expected to affect Thanksgiving celebrations, Agriculture Secretary Tom Vilsack said that Americans should expect Turkey Day staples to be up 5% in price compared to last year. "I think people are going to be surprised occasionally by big price hikes in certain types of items, especially ones that have been affected by the supply chain issues that a lot of companies are having," Fullenkamp said. The inflation we're seeing now is especially sneaky and unpredictable, Fullenkamp added, because of all the issues contributing to it this year from many different angles. consumer prices rose last month at the fastest annual pace since 1990, cementing high inflation as a hallmark of the pandemic recovery and eroding spending power even as wages surge. And as the weather chills, he predicted, "We're definitely going to see it in the price of heating this winter."Ī customer checks out at a grocery store in San Francisco, Nov. "We've already seen a lot of inflation at the gas pump," he said.
"When you're making that budget for your holiday spending, it's important that you don't just take your budget from last year and move it forward."Īmericans will likely "see a lot of inflation in things that are really close to home," Connel Fullenkamp, a professor and director of undergraduate studies at Duke University's Department of Economics, told ABC News. "Most people's financial margin for error is pretty tiny anyway, then when you factor in inflation, an already dicey situation gets to be even more so," Schulz said. While it can be hard for some to wrap their heads around what this data on rising prices means, "It's a big deal," Matt Schulz, a personal finance expert and chief industry analyst at LendingTree, an online lending company, told ABC News. The gasoline index soared 49.6% over the past 12 months, and the energy services (electricity and gas) index ticked up 11.2%. MORE: Historic unionizing efforts underway at Starbucks in upstate New Yorkīreaking the government's data down further indicates that the overall price hikes were driven by large increases over the past year in the energy index (a 30% jump) and used cars and trucks index (a 26.4% spike).
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