Ohioans could pay even more for a Thanksgiving turkey and face recession

Ohioans, along with other Americans, will likely face higher prices on Thanksgiving-related food this year.

One of the most expensive items on that list would be turkey, whose wholesale prices have jumped 40% from just a year ago, according to the Department of Agriculture. The higher prices were caused by outbreaks of avian influenza, or bird flu, and increased demand for turkey.

People who plan to replace turkey with beef would still be paying a lot of money, since beef prices are nearly 15% higher than they were last year, the Bureau of Labor Statistics said.

The bureau also stated that canned vegetables are 5% more expensive than they were last year. 

On the other hand, some grocery items became cheaper. The price of eggs has been decreasing since the beginning of this year, and domestic wine prices have also declined by about 1.2%, the bureau said. 

David Ortega, a professor and food economist at Michigan State University, told NPR that Americans can save money on groceries by buying fresh produce rather than canned vegetables and fruits. He also recommended planning their meals, choosing private-label or store brands over name brands, and shopping early for specific items to take advantage of sales or promotions grocery stores might offer.

“It really pays off to plan ahead and create a shopping list, making sure you’re sticking to it and avoiding impulse purchases,” he said.

In addition to very high grocery prices, Ohioans may also face another economic problem – recession.

The Federal Reserve Bank of Cleveland said there is a 24% chance the American economy was in recession last month, clarifying that this may not be the case because the measure has become less reliable in recent years.

The federal bank represents the entire state of Ohio, as well as adjacent parts of Pennsylvania, West Virginia and Kentucky, according to the Ohio Capitol Journal.

“We attribute this to the historically unusual nature of the post-pandemic economic expansion and to changes in the drivers of regional economic sentiment,” the report said.

It was also previously reported that Ohioans were drowning in debt, especially credit card debt.

“Household debt has reached record levels across the country, and young Ohioans, according to recent Federal Reserve reports, now face above-average debt loads,” Greg R. Lawson, a research fellow at The Buckeye Institute, said, advocating for the passing of several Ohio bills. 

Lawson acknowledged that Ohioans are struggling under an “increasingly heavy debt burden” because of “credit cards, medical bills, personal loans, along with rising property taxes, higher energy costs and historic inflation.”