As Americans prepare for Thanksgiving this year, traveling and cooking a family dinner will be significantly more expensive.
Inflation has increased by more than 6.2% this year, according to the consumer price index (CPI), the highest rate of price hikes in nearly 31 years.
Earlier this year, before inflation and gas prices hit current highs, Alfredo Ortiz, president and CEO of the Job Creators Network, said: "President Biden has repeatedly promised that he won't raise taxes on American families earning less than $400,000 per year. Yet widespread and growing inflation due to his policies is — at least indirectly — breaking that promise. Call it the Biden inflation tax."
Those traveling this holiday season can expect to pay more at the pump, as gas prices increased 49.6% year-over-year, according to CPI, while fuel oil increased 59.1%.
While gathering with friends and family, consumers can expect to pay more to heat their homes, as electricity costs increased by 6.5%, utility gas service increased 28.1%, and propane, kerosene, and firewood increased by 34.7% over the same time period.
Most Americans are already seeing the higher prices at the grocery store. Overall, food costs are up 5.3% from last year. Americans are paying 11.9% more for meats, poultry, fish and eggs. They're also paying 20% more for bacon and similar products. Pork chops cost 15.9% more than they did last year, and uncooked beef steaks cost 24.2% more.
Coffee drinkers are paying 4.7% more. Restaurant prices increased by 5.3% from last year.
For those not staying with family, lodging away from home will cost 22.3% more than last year.
Furniture and bedding costs are up 12% more than last year.
If Americans are planning on camping this holiday season, sporting goods now cost at least 8.7% more than they did last year.
Consumers can expect to pay 6.6% more on appliances, 26.4% more on used cars and trucks, and 9.8% more on new cars and trucks.
According to the most recent consumer inflation expectations survey published by the New York Federal Reserve, short-term inflation expectations, looking one year ahead, rose in October to 5.7%, the highest in the history of the series.