Spectrum News: Turkey prices defy inflation trend
UC economics professor says lower prices on turkey can help drive shoppers to stores
The cost of preparing a Thanksgiving meal has gotten more expensive, although turkey actually has dropped in price, Spectrum News reported.
Erwin Erhardt
While the average cost of a Thanksgiving meal is 13% higher than a year ago, turkey prices have dropped almost 16%.
Erwin Erhardt, PhD, a professor-educator of economics in the University of Cincinnati's Carl H. Lindner College of Business, said turkey being a little cheaper can help grocery stores attract shoppers, who then spend more money on other items.
“Turkey is a good buy,” Erhardt said. “And also it's what grocery stores use to get people in to buy their Thanksgiving goods. So even if they drop the price a little bit more, it'll encourage people to come in and get the turkey and pick up some of the other goods that go with their dinner.”
Featured image at top: Thanksgiving meal. Photo/Pro Church Media via Unsplash
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