CNN’s Fredricka Whitfield joked Sunday that Americans will have to cut their portion sizes on Thanksgiving due to high inflation.
“It looks like we’re all going to be eating smaller portions,” Whitfield said in response to reports of higher prices for Thanksgiving meals.
Before his joke, CNN Business mainstream reporter Nathaniel Meyersohn detailed how inflation will affect consumers this holiday season.
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“All signs point to a more expensive Thanksgiving meal this year,” Meyersohn said. “An estimate this week predicted that Thanksgiving meal prices will rise 13.5% from a year ago. Some of our favorite sides will be more expensive, potatoes, fruits and vegetables will be up Double-digit baking ingredients. And then when it comes to desert, the pies are going to go up 20%.
“So there is no inflation escape for Thanksgiving,” he added.
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Inflation is a major issue for voters ahead of Tuesday’s 2022 midterm elections. Republicans have overwhelmingly focused their campaigns on inflation and crime. While Sen. Bernie Sanders, I-Vt., criticized progressives and Democrats for focusing too much on abortion rather than the economy throughout the election.
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The Biden administration and the US Federal Reserve have been criticized for their rejection of inflation. Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell incorrectly characterized inflation as “transitional” last year.
The nonpartisan Congressional Budget Office (CBO) and the University of Pennsylvania’s Wharton Budget Model both concluded that the Cut Inflation Act, passed by Congress and signed into law by President Biden in August, would have a impact on inflation which is “statistically indistinguishable from zero”. .”