Steals and Deals: Experts predict an expensive holiday shopping season

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LANSING, Mich. (WLNS) – It’s official the holiday season is here and it’s bringing record prices along with it.

We’ve talked about it right here on Steals and Deals as experts predicted an expensive holiday run this year. Not only do we have supply chain problems and shipping bottlenecks, but now we are looking at inflation the country hasn’t seen in some 30 years.

So what does that mean for the average consumer?

All of us are now paying more for shelter, food, gas, medical care, vehicles and many other items and yes, you guessed it, that means those holiday gifts

Even heading out to get those gifts will cost you more We are facing gas prices nearly 50% higher than last year, approximately 49.6%.

That’s roughly $1.30 more per gallon, and the holidays are a major win usually for new car sales.

This year if you are looking to put a big red bow on a vehicle, get ready to pay almost 10% more. New car prices are up over 9.2%, and for used cars that jumps to 26%.

When it comes to that holiday meal, prices for meats, poultry, fish and eggs have risen more than 11.9%. Steaks soared 24%, and bacon IS up 20%.

“It is a confluence of bad timing, so we have enormous problems with our supply chain now. When you put rising in demand and constrained supply together you get inflation that we haven’t seen in three decades,” said CBS Business Analyst Jill Schlesinger.

The moral of the story is to start budgeting now, and you may have to scale back a bit this year because experts say this inflation isn’t going anywhere anytime soon.

Almost every part of Thanksgiving and the rest of the holiday season Is going to be more expensive

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