Commentary
Americans can expect to pay more to drive to Grandma’s house for Thanksgiving this week, and Grandma will have to pay more for the traditional feast, according to new inflation data from the Bureau of Labor Statistics.
Let’s start with energy prices. The October consumer price index shows yet another month of price increases, with prices rising 1.8 percent from September and 17.6 percent over the past year.
Specifically, gasoline prices have risen by more than 17 percent in the past year. And if you want heat at Grandma’s house, fuel oil has risen by 68 percent, electricity by 14 percent, and natural gas by 20 percent.
Data from the Energy Department tell the same story. According to the Energy Information Administration, as of the week of Nov. 14, the average cost for regular gasoline was more than $3.75 per gallon, which is 57 percent higher than when President Joe Biden took office in January 2021.
The Energy Information Administration’s data on diesel prices are even more alarming, showing them nearly doubling with an increase of almost 96 percent since Biden’s inauguration. Per gallon diesel prices have averaged above $5 over the past six months alone.
These prices are not only showing up at the pump—but they are also reflected in the cost of food on the Thanksgiving table and in the price tags on your Black Friday purchases the next day. That’s because commercial trucks, which transport more than 70 percent of U.S. goods (based on value), are predominantly powered by diesel fuel. So to the extent that truckers can pass on their increased fuel costs, families should expect to pay more for food and gifts this holiday season.
Food prices already have been rising at rates not seen in more than 40 years, partly because of transportation costs. October food prices rose by nearly 11 percent compared to a year ago. This upswing is reflected across almost all food categories.
So how much is your favorite holiday meal going to cost?
Prices for the Thanksgiving turkey and ham have increased by 17 percent and 9 percent, respectively. But meat and poultry are not the only categories facing price hikes. The cost of fresh vegetables has gone up 8 percent, with potatoes alone going up more than 15 percent. If you plan to feast on a piece of warm pie and a tall glass of milk for dessert, based on the latest data, you can expect to pay more than 18 percent more for the pie and 14 percent more for the milk.
For many Americans, the holiday season already comes with financial stress, absent the rising costs of food and fuel. While the inflation rate has declined to 7.7 percent from 9.1 percent a few months back, families are obviously still hurting. This is especially true for lower-income families because they already spend a larger portion of their after-tax income on these basic necessities.
Yet the administration continues to wage a war against conventional fuels, opting to reduce access to energy instead of unleashing it. That has undoubtedly contributed to the rising costs we’re seeing today across the economy. From canceling vital pipeline projects to restricting energy production on federal lands and waters, the Biden administration has implemented a host of policies that perpetuate a state of energy scarcity.
Rather than continuing to restrict Americans’ choices and limiting access to affordable, abundant energy, Congress and the administration ought to prioritize eliminating regulatory barriers that ultimately drive up the cost of food, fuel, and other necessities. This would ease inflationary pressure for countless families and offer a much-needed financial reprieve for the holidays to come.
Reprinted by permission from The Daily Signal, a publication of The Heritage Foundation.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.