Food inflation has spared traditional ingredients for Thanksgiving dinner, a side effect of President Trump’s trade war.
The news comes with Thanksgiving less than a week away. (Yahoo! Finance)
A new survey from the AFBF has found that the average price of a Thanksgiving dinner for ten people — which includes turkey, stuffing, sweet potatoes, rolls with butter, pumpkin pie with whipped cream — is $48.91. That’s only a penny above last year’s price.
AFBF’s chief economist John Newton told YFi PM that despite an on-going trade war between the U.S. and China and rising food prices overall, the price of Thanksgiving dinner has remains mostly flat.
“When you look at the trade war and the impact of many of our farm products, it’s actually reduced demand,” Newton stated. “When you think about soybeans, the Chinese are buying less soybeans today than they did two years ago. And that’s actually led to weaker farm prices across much of agriculture.”
That view is consistent with economists who fear a prolonged standoff will erode global demand, and might even provoke a recession.