In Case You Missed It - Turkey Is 17% More Expensive This Year

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ICYMI: Thanksgiving Will Cost Up to 17% More This Year

In case you missed it, Thanksgiving dinner could cost as much as 17% more this year. That's according to The Balance's analysis of the latest inflation data from October's Consumer Price Index.

Almost all popular Thanksgiving staples will be more expensive this year, with turkey costing you nearly 17% more than in 2021. Other common Thanksgiving dinner options like ham are around 9% pricier, while potatoes spiked more than 15% since last year.

But inflation didn't hit all menu items. It spared cranberries, which fell 4% in price since last year, and were the only item we analyzed that saw price declines.

For anyone wanting to celebrate the holiday without breaking the bank, there are ways to enjoy a Thanksgiving feast on a budget. Spreading the cost of dinner around several people through a potluck is one option, while avoiding name brand items is a good way to lower your grocery bill.

-Kristin

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Term of the Day

Simple Interest

Simple interest is the cost of borrowing money without accounting for the effects of compounding. In other words, simple interest only applies to the principal amount.

To calculate simple interest, multiply the principal amount by the interest rate and the time. The formula written out is "Simple Interest = Principal x Interest Rate x Time."

Understanding simple interest is one of the most fundamental concepts for mastering your finances. It involves some simple math, but calculators can do the work for you if you prefer. With an understanding of how interest works, you become empowered to make better financial decisions that save you money. Simple interest works best for making rough estimates, whereas compound interest is more exact.

Off the Charts

Inflation is not only making holidays more expensive, it has also caused 38% of U.S. adults to reconsider major milestones such as buying a car, house, or changing careers according to a survey conducted earlier this year by The Balance.