Many Americans Will Be Giving Thanks For Lower Prices
When Americans drive to their Thanksgiving gatherings this week, they will have one more blessing to count: lower costs.
Gasoline is cheaper than last year. Turkey prices are down, too. And retailers are joining in, offering big discounts on TVs and other goods.
For people who watch every penny, this Thanksgiving will be a good time for pinching.
"Travelers attempting to carve out a travel budget will be happy to know that Thanksgiving will be the least expensive holiday of the year," AAA chief operating officer Marshall Doney said in a statement.
Economist Michael Montgomery, writing for the forecasting firm IHS Global Insight, saw no reason for price-hike worries. "There is no inflation pressure now and none in the pipeline. That is why consumer goods prices are easing rather consistently," he said.
The gasoline-price drop is especially noticeable. A gallon of regular gas is running at about $3.21, according to the federal Energy Information Administration. At this time last year, the price was 21 cents higher. Economists say the current price will leave an extra $2.5 billion in consumers' pockets, compared with 2012.
Drivers are noticing the cheaper prices. "I think they seem lower than they have been in a while," Jeff Kauffman said as he filled his gas tank at a station in Stamford, Conn. A gallon was selling for $3.63 there, well above the national average, but down from the $4 he had been paying earlier in the year.
Fuel prices are at the lowest levels for the Thanksgiving holiday since 2010.
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