Give Thanks. But Not for High Turkey Prices.

• Turkey prices rose to new highs recently while wholesale chicken prices are down 35% year-on-year
• The American Farm Bureau’s annual survey says Thanksgiving dinner is 20% more expensive in 2022
• Bigger picture, economy-wide inflation appears to have indeed peaked this past summer

There was good news earlier this month when the October Consumer Price Index (CPI) and Producer Price Index (PPI) reports crossed the wires. Stocks rose, bond yields fell, and optimism grew that the Federal Reserve might not raise interest rates quite as quickly.

Within the PPI data, there were interesting trends. Specifically, wholesale chicken prices are down about 70% from the peak earlier this year. Turkey prices, though, are at all-time highs. Should you consider a swap this Thanksgiving? That’s your call, but there are signs that broader inflation may have indeed peaked.

PPI Data: Turkey Prices Remain High, Chicken Prices Dropping