WASHINGTON (TNND) — Persistent inflation has Americans checking their shopping lists twice this holiday season. From toys to travel, many will see their budgets stretched to their limits this week.
Persistent inflation has Americans checking their shopping lists twice this holiday season. From toys to travel, many will see their budgets stretched to their limits this week. (TNND)
When planning for a big family dinner, swapping a beef roast or steaks for pork chops or ham will almost certainly save money as beef prices are almost 16% higher than they were last year, while pork product prices have either dropped or stayed relatively steady, according to the latest Consumer Price Index.
In the liquor section, it may pay off in the long run to stock up now. Industry experts predict prices will only increase next year as the effects of President Donald Trump’s 15% tariffs on all European wine and spirits impact new inventory.
Even domestic producers have found themselves caught in the crosshairs of Trump’s trade war. In a recent YouTube video to customers, Ambassador Wines of Washington CEO Allison Engman explained how they rely on imported materials for their packaging.
“For example, the glass that we get comes from China, comes from Mexico. There is some domestic glass that’s produced, but it is much more expensive than what we are able to source from overseas,” Engman said.
Parents have likely noticed that tariffs also hit the toy section. During a recent speech in Pennsylvania, Trump said, “You don’t need 37 dolls for your daughter. Two or three is nice.”
CEO of Learning Express Toys and Gifts franchises, Lauren Derse, said about 120 of their 250 vendors have raised their prices. Some of them, she said, have raised prices two or three times.
“Our vendors are paying hundreds of thousands, even millions in tariffs and it’s just not sustainable,” Derse said.
When shopping for a child, clothing may be the cheaper option. Prices of boys’ and girls’ apparel are down 0.1% and 0.9%, respectively. Other popular gift items that generally cost less than they did last year include dish sets, sporting goods and smartphones.
Where Americans won’t feel price pain is the gas station. The national average price for a gallon of regular gasoline was down to $2.85 on Monday, about 19 cents cheaper than the same day last year, according to AAA. In southern states, prices at the pump are especially low, with Oklahoma seeing the cheapest gas at $2.29 per gallon.
More than 109 million Americans will travel by car to their year-end destination, AAA projected, in large part due to low gas prices.