For many North Carolinians, the Christmas season is looking to be a lot less merry this year. That’s due to stubbornly high prices for the holiday season essentials like gifts, meals, and trips to see family and friends.
The U.S. Bureau of Labor Statistics announced Tuesday that the Consumer Price Index remained stable at 3.1% year-over-year, before seasonal adjustment. That’s down from a high of 9.1% in June 2022. But despite this movement in a positive direction on inflation, average holiday-goers are feeling the pinch.
A recent report found the average American household now spends $11,434 more annually to achieve the same standard of living in January 2021. Another survey found that 50% of Americans are cutting back their holiday expenses this year, with one-in-three saying they won’t be getting presents. Another 28% say they will spend less on presents this year, while another 20% will apply for new credit cards to finance their purchases.
PNC Bank’s Christmas Price Index reports an overall increase of nearly 20% for holiday essentials since 2021. For example, Christmas breakfast classics like bacon and eggs are up 24% and 41%, respectively, since 2021. Prices for alcohol have increased by nearly 11%.
Planning to travel for the holidays? Americans’ wallets are getting hit hard there as well. Airfares are up 42% and gasoline up 55% since 2021.
Keeping your home toasty during the holidays comes at a price as well. Since September 2021, the cost to heat homes and keep lights on has jumped 20% for electricity and 18% for gas.