Inflation Drives Prices Up As The Holiday Season Approaches

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Inflation Drives Prices Up As The Holiday Season Approaches
Most will be able to take the hit, but low-income families will feel it in their wallets.
SHOW TRANSCRIPT

Higher gas prices, higher food prices — everything is going up. But that's not stopping travelers.  

"In everyday kind of stuff, sure I try to conserve, but if I'm going to go on a trip I'm going go on a trip," traveler Nancy Jordan said.

AAA predicts Thanksgiving travel will be up this year — close to pre-pandemic days. It projects 53.4 million Americans will travel for the holiday, which is a 13% increase from last year.  

While most will drive to their destination, expect crowded airports and longer lines with a projected 4.2 million people flying this Thanksgiving, which is an 80% increase over the year before. 

One thing's for sure: You should plan ahead.  

"Expect congestion on the highways, long lines at the airports," AAA spokesperson Mark Jenkins said. "Staffing has been a problem as of late and there's been a lot of talk that they're going to try to shore that up in time for the holidays, but you also just have to realize that this is the time of year when inclement weather becomes an issue."

It's not just travel costs, though. Food prices are up too, making Thanksgiving dinner more expensive this year.  

"Turkey prices are up probably 16% compared to last year," agricultural economics research professor Jim MacDonald said. 

Most will be able to take the hit, but low-income families will feel it in their wallets. Food banks across the country are looking for donations to help those families.  

"The rising food costs is something that is a huge stressor right now for them," Shiloh Mercy House events manager Jason Bautista said.

"Demand snapped back much faster than supply could snap back and so we've got this imbalance in the market. It's causing prices to rise," Frank Lenk with Mid-America Regional Council said.