RALEIGH, NC (WTVD) — Wall Street closed Thursday with a better-than-expected inflation report. The October consumer price index rose to 7.7%, its lowest year-on-year increase since January and below forecasts.
But analysts say food and energy prices remain extremely volatile.
The economy continues to be a source of stress for people and will affect Thanksgiving celebrations.
“Probably traveling, probably staying in town this year,” said Raleigh resident Allie Bailey.
Bailey plans to forego a trip to see family.
Mary Ellen Pietruszynski warns loved ones that there will be no fresh turkey like in years past. A frozen one is cheaper and the candy selection will be reduced.
RELATED: How to Cook a Turkey: Butterball Recipes
“I said, ‘I’m making one cake and not four,'” Pietruszynski said.
Wells Fargo did an analysis and proclaimed that it might be cheaper to eat out for Thanksgiving than to cook that big meal at home.
The report says rising commodity costs are hitting grocery stores more directly than restaurants.
Turkey, in particular, is expected to be 23% more expensive this year.
RELATED: The price of turkeys is up this year, but here’s how you can save on this big holiday dinner
Some grocery stores are throwing deals, but the sales aren’t enough for some people.
A north Raleigh food drive is helping families with the financial burden of a Thanksgiving gathering.
“We’re seeing families that we haven’t seen before. The families are not necessarily from lower socioeconomic areas, but also middle class. They’re struggling,” said Dan Stevens of Feed the Children.
President Biden issued a statement on inflation, acknowledging it’s been a tough two years, but said “today’s report shows a much-needed pause in grocery inflation as we head into the holidays.” .
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