Thanksgiving Dinner to bust wallets as food prices surge

By Martine Paris | Bloomberg

Any way you slice it, this Thanksgiving is going to cost more.

Price increases for flour and cookies hit a record high year-over-year for October, US government data showed Thursday. Eggs jumped the most since 2007. Turkey and other non-chicken poultry were up 17%.

It’s all part of historic food inflation that’s hammering consumers also grappling with sky-high prices for everything from fuel to housing. The war in Ukraine is upending global supply chains, while the ongoing bird flu outbreak is decimating egg-laying hens and turkeys. Scarcity and surging prices may trigger a shift in buying habits ahead of the holidays, according to Russell Barton, a director at commodity researcher Urner Barry.

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