As Joe Biden nears the end of his term in January, the economic legacy of his administration remains clear: surging inflation. And just in time for the holidays, the soaring prices of everyday staples are taking a significant toll on American wallets. According to Expana, the world’s largest IOSCO-assured agrifood price reporting agency, food prices for Christmas meals are continuing to rise, adding to the financial strain felt by many this holiday season.
Expana’s year-end report revealed that the prices of key holiday groceries have increased year-over-year. The Main Meal Index, which tracks popular Christmas items like shrimp, beef, pork, lamb, carrots, and potatoes, rose by 2.3%. Meanwhile, the “Gingerbread Index,” which tracks the prices of ingredients like wheat, sugar, butter, eggs, cassia, and ginger, climbed by a staggering 5.5% in November. As for the centerpiece of many holiday meals, the price of bone-in hams spiked by 8.3%, reaching $0.91 per pound. Even everyday items like potatoes and turnips saw price hikes, with potatoes rising by 1.6% and sweet potatoes by 2.6%.
These increases in food prices are part of a broader trend that has plagued the U.S. economy since Biden took office in January 2021. Under his administration, inflation hit a peak of 9.1% in June 2022 — the highest rate in over 40 years. While inflation has cooled slightly in 2024, it remains above the Federal Reserve’s target of 2%, continuing to strain the finances of many American families. Economists have pointed to increased government spending under Biden’s leadership as one of the driving factors behind this persistent inflation.
The Consumer Price Index (CPI), which measures the cost of everyday goods, rose 2.7% in November, with food prices climbing 0.4% during the same month. The BLS also noted a significant increase in the prices of meats, poultry, fish, and eggs, with eggs alone surging by 8.2%, costing $3.65 per dozen in November — a sharp increase from the previous year’s $2.14. Just three years ago, eggs were priced at $1.48 per dozen.
The impact of these inflated prices isn’t limited to food. Even the cost of holiday-related items like Christmas trees is up. Americans are expected to spend an average of $79.31 on real trees this year, a $4 increase from 2023. Though inflation has eased somewhat, the ripple effects are still being felt, particularly by lower-income consumers, many of whom are turning to dollar stores and reporting increased financial stress.
Despite these higher costs, Americans are projected to spend a record $902 per person on holiday shopping this year, including food, gifts, and decorations, according to the National Retail Federation. However, this spending could be a reflection of the financial strain many are under, as they may be forced to dip into savings or credit just to keep up with the rising costs of the holiday season.
As Biden prepares to hand over the reins of power, his administration’s handling of inflation is likely to remain a point of contention for years to come, especially as Americans continue to feel the pinch at the grocery store and beyond.
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