Tridge, the world’s leading food trading platform, says the average American holiday meal will cost a third more this year than a year ago.
Tridge’s Christmas Dinner Index shows that the wholesale price of the ingredients in an American holiday dinner rose by an average of 35% from last year.
SEOUL, South Korea, Dec. 16, 2022 (GLOBE NEWSWIRE) — Tridge, a global agricultural technology company, today announced research findings that show Americans will spend a third more on Christmas dinner this year compared to last holiday season.
According to Tridge, U.S. wholesale prices of turkey and ham rose by average of 30.4% and 75% from a year ago, respectively, reflecting 47% higher feed costs due primarily to disruptions from the war in Ukraine, a major grain supplier.
Coupled with high fertilizer and labor costs, prices of meat and other key food products are likely to edge higher still in 2023, says Tridge, as demand recovers to pre-pandemic levels, outstripping supply.
Severe weather conditions are also contributing to high food inflation. Drought in the U.S. this summer withered the production of potatoes and cranberries. Hot temperatures also meant poor growing conditions, lower yields, and lower crop quality. Fertilizer and other input costs for potatoes increased from $2,200/acre-$2,400/acre in 2020 to $3,500/acre-$4,000/acre this year.
2020~2022 Index
2021~2022 Index
Tridge is a Korean-based agriculture and food trading platform, connecting suppliers and buyers of fresh produce and other food commodities across more than 70 countries. The company, whose name is a contraction of “Transaction” and “Bridge,” provides the most extensive data for the global agriculture business.
The Tridge Christmas Index is a weighted index of wholesale prices for foods typically included in American winter holiday meals. Please feel free to use the image or the chart with attribution to Tridge. For a breakdown of weightings and price increases, please contact us at communication@tridge.com
About Tridge
Tridge is the world’s most comprehensive global agricultural platform, which removes common barriers in the conventional agriculture trading scene. Tridge intends to do so by digitizing two major pillars: the market intelligence and fulfillment service. The Tridge platform brings agricultural market networks and real-time market information together to facilitate more efficient trade and increase food security.
Tridge is improving global supply chain efficiency through digitization, utilizing its global subsidiaries and vast global network, ultimately benefiting both farmers and buyers. The Tridge platform allows parties on both sides of trades to deal directly with each other, eliminating the need for 3rd party intermediaries and reducing time spent on phone calls, e-mails, and other time-consuming processes. For more information, visit www.Tridge.com.