Tuesday, July 14, 2020

Trump’s Trade War Keeps Thanksgiving Dinner Prices Flat

Food inflation has spared the cost of Thanksgiving dinner, a side effect of President Trump’s trade war.

The news comes with Thanksgiving less than a week away.

According to 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 ongoing trade war between the U.S. and China and rising food prices overall, the price of Thanksgiving dinner has remained 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.”

 
AAN Staff
AAN Staff
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