Loading up on egg nog, cookies and other holiday favorites is going to cost more this year.
While inflation is starting to slow, food prices are still far above where they were during the 2021 holiday season. Grocery prices in November were up 12% year-over-year, according to data from the Bureau of Labor Statistics.
“There’s just been that upwelling of prices across the board,” said Michael Swanson, lead economist for Wells Fargo. “So it’s going to be more expensive, but there are some bright spots that are developing for some of the more festive foods.”
How much has the price of food increased in 2022?
Common ingredients and holiday favorites are costing more this year, according to the Bureau of Labor Statistics. Here’s how much prices for some holiday staples have gone up between November 2021 and November 2022:
- Flour: 25%
- Bread: 16%
- Cookies: 19%
- Crackers: 20%
- Pies, tarts and turnovers: 19%
- Ham: 8%
- Uncooked poultry, including turkey: 18%
- Eggs: 49%
- Milk: 15%
- Potatoes: 16%
- Sugar and sweets: 13%
- Butter: 27%
Families can expect to spend about 16% more to feed their families during the holidays compared to last year, according to a new report from market research firm Datasembly.
The findings were based on the prices for 13 popular holiday grocery items – including egg nog, green beans and a bone-in spiral-cut ham – at Albertsons, Kroger, Target and Walmart. This year’s price hike is double the price difference Datasembly calculated in 2021.
How can I save money on holiday shopping?
Inflation is still hitting U.S. consumers’ wallets, but Wells Fargo’s Swanson noted that there is some good news from the Bureau of Labor Statistic’s latest consumer price index report.
“There are some of those holiday favorites that are actually starting to show some pretty decent declines,” he said.
Fresh fish and seafood, beef, pork ribs and pork roasts are just some examples of grocery store items that saw price drops between October and November.
For shoppers looking to cut costs at the grocery store this holiday season, Swanson suggests taking the time to shop around for the best deals.
“Give yourself time to shop two or three stores to see which ones really are offering you the best bargain, because one thing is very, very certain: it’s not uniform. It’s not like there’s a uniform price for anything out there in the market. If you shop around, you’d be surprised how wide the spread could be at certain items,” he said.
