More media outlets are admitting this year’s holiday season will be the most expensive in decades as the U.S. inflation rate appears to have no signs of slowing.
The US Consumer Price Index hit a 30-year high of 6.2% in October. And the headlines appears to be catching up to the reality. Bloomberg News warned readers on Tuesday that the current inflation rate will “spoil” the holiday season for struggling families.
“Inflation Rate Set to Spoil Holiday Season for Struggling Families,” the Tuesday piece from Amelia Pollard and Olivia Rockeman read.
“Retailers are forecasting a record holiday spending season,” the authors wrote. “But for one in ten Americans, prices rising at the fastest pace in 30 years will dampen the Christmas spirit. Inflation is especially taking a toll on lower-income families, who spend roughly a third of their earnings on essentials like food and energy. It’s eating into recent wage increases, and the timing couldn’t be worse after federal pandemic relief expired for about 7.5 million people.”
A few days earlier, Bloomberg Markets tweeted out the following message, “The inflated price of Thanksgiving this year will make you thankful you don’t have a bigger family.”
Several other outlets have sounded the alarm.
“Inflation means Thanksgiving dinner will cost extra this year,” CNBC reported.
“This Year’s Thanksgiving Feast Will Wallop the Wallet,” the New York Times similarly wrote.
Even left-leaning MSNBC noted the tricky economic situation, which could account in part for President Joe Biden‘s poor approval numbers.
“This Thanksgiving, brace yourself for the highest grocery tab you’ve had in decades,” MSNBC’s Chris Jansing said Tuesday. The retail price of turkeys is up 9 cents a pound compared to last year, the network noted in an earlier segment. Jansing asked NBC business correspondent Jo Ling Kent to remark on just “how bad” it will get.
“I hate to tell you but you really want to be watching your budget this year because it’s a double whammy,” Kent said. “Inflation of food prices, and it’s the supply chain.”
Supply chain shortages across the country have resulted in empty grocery shelves and mounting frustration for consumers.
While acknowledging the economic crisis, much of the media has also largely blamed Americans for the supply chain crisis and instructed them to lower their expectations.
“Time for some new, more realistic expectations,” Washington Post columnist Micheline Maynard wrote. “American consumers, their expectations pampered and catered to for decades, are not accustomed to inconvenience.”
She also referred to Americans as “spoiled.”
Other media pundits appeared to downplay Americans’ concerns, such as CNN’s Brian Stelter, who weighed in on the supply chain crisis by posting a photo of a fully stocked Wegmans over the weekend.