Inflation is a significant driver, but so is turkey production. The 2021 turkey product expectation is 5.51 billion pounds; in 2017, the metric was 5.9 million. So you have the classic market storm. First, prices are up because production is low, and demand is constant. Now, with escalating inflation, the cost accelerates.
That’s plenty of turkey talk, but let’s roll this back to the household budget. One challenge credit card issuers will face next year is that rising costs will impact the consumer’s ability to repay. Back in April 2021, the White House published an article that minimized the risk of inflation, but a few weeks later, the Washington Post noted:
