The upcoming holidays appear to have a very hefty price tag attached to it thanks to what critics call "Bidenflation," or the inflation rate under the Biden administration. This is the result of the continued skyrocketing of consumer prices, which rapidly rose at its fastest rate in decades this October, as per the Department of Labor.
According to Breitbart, the Consumer Price Index rose 0.9% in October from September, surpassing the expected 0.6% rise. Prices are now up 6.2% this year versus in October 2020, surpassing the expected 5.8% rise. It's also the highest annual rate since 1990, which was 31 years ago.
Prices of items, excluding food and energy which are two categories central to the typical American's cost-of-living, increased 0.6% on a monthly basis and 4.6% annually, both exceeding expectations. In October, the Department of Labor described the inflation as "broad-based, with increases in the indexes for energy, shelter, food, used cars and trucks, and new vehicles among the larger contributors."
Last month, energy prices increased by 4.8%, while prices of gas increased by 6.1% versus the previous month. The food index arrived at a 0.9% increase in the month and 5.3% increase in the last 12 months. Meanwhile, food at home rose by 1% on a monthly basis with a total of 5.4% annually.
All of these increases resulted in "Bidenflation," a term coined by critics of the Biden administration to note that this happened as a result of the Biden administration's policies. It appears that it will also continue throughout the fast-approaching holidays.
CBN News warned that this Thanksgiving and holiday season may be the most expensive in decades as "nearly every part of the traditional holiday dinner will cost more this year." Turkey, which is central to Thanksgiving dinner, will be the "most expensive element, largely due to the price of corn," which is what most commercial turkeys consume. Today, whole frozen turkeys which weigh anywhere between 8 and 16 pounds already cost $0.25 more than it did just last year, as per the Department of Agriculture.
Packaged dinner rolls will also be pricier due to the many ingredients that are used to produce them, which have also increased in cost. Domestic steel plants, which are still trying to catch up following the shutdowns caused by the COVID pandemic, will fuel a rise in canned items such as cranberry sauce, another Thanksgiving holiday staple.
"I can buy that this will be the most expensive Thanksgiving ever, but there's an income-inequality story here that matters a lot," Michigan State University agricultural economist Trey Malone remarked. "The rich are going to be spending more on Thanksgiving than they have ever spent before, but not everyone is going to be able to do that."
According to Newsmax, Republican Sen. Roger Marshall of Kansas gave a warning to Americans, saying, "Everyone better buckle up. Grab your wallet, 'Bidenflation' is here to stay. The cost of everything is going up as long as he continues these failed policies. These policies that are basically just piling on top of...one another, multiplying. We're going to see more and more 'Bidenflation.'"
