© Reuters. FILE PHOTO: A shopper goes through a Walmart store ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 27, 2019. REUTERS/Kamil Krzaczynski/File Photo
By Tom Polansek and Christopher Walljasper
CHICAGO (Reuters) – Thanksgiving dinner will cost U.S. consumers an average of 14% more this year in the biggest annual increase in 31 years, the American Farm Bureau Federation said, though shoppers can still find deals in grocery stores.
Rising food and gas prices are squeezing U.S. consumers as the pandemic snarls global supply chains and the economic drag from the summer wave of COVID-19 infections fades.
The Farm Bureau, which represents U.S. farmers and the broader agriculture industry, pointed to inflation and supply-chain disruptions for lifting the average cost of a Thanksgiving dinner for 10 people to $53.31 from a 10-year-low $46.90 in 2020. The cost is based on Farm Bureau shoppers who checked prices for turkey, cranberries, dinner rolls and other staples in stores from Oct. 26 to Nov. 8.
“The cranberry sauce, the stuffing, all those things that are traditional, have gone up,” said Sherry Hooker, a 69-year-old retiree shopping at Jewel-Osco store in Chicago on Thursday.
GRAPHIC: Thanksgiving dinner price jump https://graphics.reuters.com/USA-THANKSGIVING/MEAL/akvezmyrxpr/chart.png
The COVID-19 pandemic has made it difficult to predict consumer demand, which adds to high prices, the Farm Bureau said. Average prices for turkey, the centerpiece of many Thanksgiving dinners, are up 24% from 2020 at about $1.50 per pound, Farm Bureau said.
Without turkey, the price for the overall meal is up 6.6%. That is in line with the 6.2% increase in the U.S. Consumer Price Index in October, when the index saw its biggest annual rise since November 1990, although it is a bit above the 5.4% year-over-year increase for the Labor Department’s measure of costs for food consumed at home.
Adjusted for inflation, Thanksgiving costs are up for the first time since 2015 and 7% higher than last year, Farm Bureau data show.
In Chicago, Cinda Shaver, 62, said she now spends at least $120 a week shopping for two people at discount supermarket Aldi, up from $90 previously for the same items.
Cooks can still find deals as the holiday approaches, though.
Visits by Reuters to two grocery stores on Thursday showed prices vary widely. The same basket of items the Farm Bureau checked cost just $40.01 at a Big Y store in Newtown, Connecticut, including frozen turkey for 99 cents a pound.
At Jewel-Osco in Chicago, generic brand frozen turkeys were on sale for as little as 49 cents a pound.
Farm Bureau said its shoppers checked prices about two weeks before most supermarket chains began featuring whole frozen turkeys at lower prices. The average per-pound sale price for whole frozen turkeys was $1.07 from Nov. 5-11 and dropped 18% to 88 cents from Nov. 12-18, Farm Bureau said.
“The good news is that the top turkey producers in the country are confident that everyone who wants a bird for their Thanksgiving dinner will be able to get one, and a large one will only cost $1 more than last year,” U.S. Agriculture Secretary Tom Vilsack said in a statement.
The U.S. Department of Agriculture reported that prices for Thanksgiving staples are up about 5% from last year, based on government data. It tracked prices of a 12-pound turkey, sweet potatoes, russet potatoes, cranberries and a gallon of milk.
Hooker, for one, will not cut back on her Thanksgiving feast because of high prices. Instead, she said she will “bite the bullet and have tradition.”
“It’s once a year,” she said.
Huawei is banned in the US: the US has banned the import of equipment from Huawei and several other companies from China
Huawei is banned in the US. The Federal Communications Commission for the first time recognized products of a lot of Chinese companies banned for import and sale because of national security risks. Commission member Carr said that China threatens U.S. interests through espionage.
Telecommunications and surveillance equipment manufactured by Huawei, ZTE, Hytera and several other Chinese companies are banned from importation and sale in the United States because of “unacceptable risks” to national security. This was announced by the Federal Communications Commission (FCC) on its website.
Huawei banned in the U.S. – what is banned?
The products of the subsidiaries and affiliates mentioned in the list of companies fall under the ban. Brendan Carr, a member of the Federal Communications Commission, called the decision unprecedented and unanimously adopted with the support of both parties in Congress. This is the first time in the history of the agency, he noted, that the distribution of communications and electronic equipment has been banned because of national security reasons.
Carr pointed out that “Communist China and other malevolent actors” are too eager to use loopholes in U.S. electronic systems to obtain sensitive information, they are trying to “compromise American interests through espionage, intellectual property theft, blackmail, foreign influence campaigns and other nefarious activities.”
Two years ago, the commission had already banned using government subsidies to buy equipment from Huawei and other Chinese companies, he recalled, and as a result many operators had refused to cooperate with such firms. But that decision left a loophole for buying equipment with private funds, and it’s time to close it, Carr said.
Huawei was put on U.S. sanctions lists more than three years ago, in May 2019. Washington accused the company of industrial espionage, stealing technology and threatening the U.S. economy. In February 2020, The Wall Street Journal, citing statements from U.S. officials, reported that Huawei had covert access to cell phone networks around the world.
The CIA believes Huawei was funded by Chinese intelligence, the Chinese Armed Forces and the Republic’s National Security Central Committee, sources told The Times. At the same time, the FBI believes that Huawei equipment installed on cellular towers near US military bases can jam and intercept Defense Department communications, including those used by the US Strategic Command, which is responsible for nuclear weapons.
Earlier, we reported that Bloomberg named the most profitable stock market in 2022.
What is the most profitable stock market? Bloomberg called it the most profitable stock market in 2022
What is the most profitable stock market? The stock market of Turkey, which is the most profitable stock market in the world, has become the growth leader this year, ahead of U.S., European and Asian platforms, Bloomberg wrote. The benchmark index Borsa Istanbul 100 (BIST 100) since the beginning of the year rose 78% in dollar terms.
In lira terms, the index, which includes shares of the 100 largest Turkish companies listed on the Istanbul Stock Exchange, has risen by more than 150% since January. This was the best result since 1999, the publication calculated. Most European financial markets have shown negative dynamics this year.
What is the most profitable stock market?
Turkey’s stock market hit an all-time high in November 2022 as private investors invested in Turkish assets to protect against high inflation. The Borsa Istanbul 100 index rose to a new record high of 4,784 points in trading on Nov. 16. During trading on Tuesday, Nov. 22, the BIST 100 index gained 3.6 percent to trade at 4,734 points.
Domestic investors are investing in stocks as Turkey’s central bank pursues a policy of lowering interest rates to spur economic growth, even as the country’s inflation rate exceeds 80 percent. Despite high inflation, the country’s regulator has conducted monetary policy easing cycles in 2021, which goes against current monetary policy. The rate cut has helped weaken the Turkish lira and turned equities into one of the few income-generating havens for investors.
Inflation in Turkey surpassed 85% in October for the first time in 25 years, and while the country’s central bank predicts it could fall to 65.2% by year’s end, price growth remains among the highest in the world.
Stocks have become favorites of Turkish investors. The number of stock trading accounts opened by private investors rose 32% this year to 3.1 million as of Nov. 18, according to Turkey’s Central Securities Depository.
According to Evren Kirikoglu, founder of Istanbul-based Sardis Research Consultancy, Turkish stocks are likely to remain attractive to investors for at least the first half of next year, even as inflation in the country begins to decline.
Earlier we reported that the U.S. stock market was up more than 1% for the day.
US stock market news today: U.S. stock market closed with more than a percent gain
US stock market news today. U.S. stock indices closed Tuesday, trading up more than 1 percent in anticipation of the Federal Reserve’s (Fed) November meeting minutes.
US stock market analysis
The Dow Jones Industrial Average gained 397.82 points (1.18 per cent) and was up 34098.1 points. Intel Corp (NASDAQ:INTC) and Salesforce (NYSE:CRM) Inc (+3%) were the top gainers among the index components. Only three of the 30 companies in the index’s calculation finished with losses, including shares of Walt Disney Co (NYSE:DIS), which fell 1.4 percent.
Standard & Poor’s 500 rose 53.64 points (1.36%) to 4,003.58 points. The Nasdaq Composite added 149.9 points (1.36%) to 11174.41 points.
The Fed minutes will be released tonight. At its last meeting, the Fed once again raised the rate by 75 basis points and hinted at the possibility of a slowdown in rate hikes at later meetings.
On Monday, Federal Reserve Bank of Cleveland and San Francisco governors Loretta Mester and Mary Daly signaled that the Fed would slow the pace of interest rate hikes next month, while stressing that the need for further policy tightening remains.
Senior strategist at B. Riley Wealth Management Art Hogan recalled that the U.S. market will be closed Thursday due to the Thanksgiving holiday, and many traders will take Friday off, so trading volumes this week will be lower than usual.
“Under such conditions, moves in both directions are often particularly pronounced,” he said.
Market participants were also assessing corporate news.
Earlier we reported that stock markets in Europe are changing in different directions.
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