JACKSONVILLE, N.C. (WNCT) – Inflation is still pounding the pockets of many people across the country, including right here in Eastern North Carolina.
Experts said the rising prices will continue to affect the cost of food going into this holiday season. Some of the Jacksonville locals who spoke with WNCT said they are shocked by the prices.
“Yeah, well, everything is up to you know what it was last year, at this time,” said Brian Burgess, one Onslow County resident. “It’s a lot higher but everybody still wants to eat.”
In general, prices for your Thanksgiving feast will be high this holiday season.
“Inflation is a concern of economists and shoppers this Thanksgiving,” said Nicholas Rupp, the Interim Chair of the Department of Economics at ECU. “7.75% is the October 2022 inflation rate, so you can expect to pay about 8% higher prices than you paid last year at this time.”
Side dish favorites like mashed potatoes will be impacted.
“Potato prices are actually higher. They are 30% higher than they were a year ago today,” said Rupp. “However, potatoes are still very affordable at $1 per pound on average.”
Even your traditional Thanksgiving turkey or ham is much higher than normal.
“Turkey prices are up 17% compared to a year ago,” said Rupp.
Burgess said turkey alternatives are high as well.
“Turkey is a must. Matter of fact, I’m getting honey-baked ham this year, and they are extremely high than what it was last year,” said Burgess. “But that’s something that we all like to have as our main dish.”
Economists said it’s all due to supply and demand.
“There is more demand for the product than there is supply, which forces prices higher, because consumers want these items, and they’re willing to pay more for the items,” said Rupp.
Economists add the national gas price average has risen 10% and could affect plans to travel home this holiday season.