Holiday shopping basket prices up 4.58%, with butter and staples driving the rise.
The 2024 “Holiday Shopping Basket” report by ASM SFA reveals that the price of popular holiday items has risen by 4.58% compared to last year. While this aligns with inflation, consumers are feeling the pinch as receipts grow longer. Key contributors to the increase include a 43% rise in orange juice prices, a 22% hike for milk chocolate, and higher costs for spices like cinnamon (13.87%) and tea (13.14%). However, some items, such as herring fillets (-9.18%) and poppy seed filling with nuts (-8.44%), have become more affordable.
Financial Challenges for Families
Kamil Kruk from ASM SFA attributes rising prices to geopolitical tensions, shifts in raw material markets, and increasing production and transport costs. Despite these challenges, he notes that this year’s holidays will require fewer sacrifices compared to recent years. Still, for many families, setting the holiday table remains a significant financial strain.
Butter Prices Surge
Butter prices have caught particular attention, with increases of up to 17% in some stores between November and December. Analysts point to seasonal demand, inflation, higher production costs, and reduced milk supplies as driving factors. They warn that unless the dairy market stabilizes, butter prices near $10 per block may become the norm.