I figured this week I could go with a more themed approach. I hope you're all gearing up for Thanksgiving.
When I looked up turkey prices, I assumed the chart would be rather unremarkable. However, what I found was quite shocking.
In the last three years, turkey inflation has skyrocketed, just like most other commodities. What’s surprising is the level it has reached and continues to maintain. At its peak, it hit over 80% year-over-year, and today it’s still around 60% year-over-year.
What’s even more surprising is that over the last 20 years, turkey has had an average annual price growth rate of around 6%.
I delved into other poultry, and it turns out that price growth rates around 6% are common.
The only extraordinary factor for birds, which wouldn't apply to other livestock, could be the Avian Flu.
Would love to know if anyone has any idea what would cause poultry prices to rise 6% annually.
Maybe it’s the annual turkey pardon that disrupts the supply so significantly that it results in higher prices?
Have a great Thanksgiving!