WATERTOWN (CBS) - In areas other than at the gas pump, Americans are feeling the sting of inflation, and experts say they'll be shocked when they see the grocery bill for any upcoming Easter or Passover meals.
"Easter and Passover, they are going to be a lot more expensive this year than years past," explained Jay Zagorsky, Economics Professor at the Questrom School of Business at Boston University.
While inflation may be sitting at about 8%, the price of certain items purchased for Easter and Passover is much higher.
Meat, poultry, fish, and eggs are up about 13%. The price of women's dresses has risen 13.5%. Men's suits are up 12%. When you factor it all together, the holiday will likely be more expensive than it has been in years past. "About 90% of all people are celebrating Easter or Passover this coming spring, and they are going to spend a lot of money, about $20 billion nationally," Zagorsky said.
Other popular Easter items like candy and wine, however, have risen in price at a rate below the national average. Wine prices are up only 2%. Candy is up about 7%. So why is that? Likely because of shelf life, Zagorsky says. "The categories that are up the most are things that cannot be stored, that are not inventoried. Like fresh meat, fresh eggs," he explained.
For that reason, Zagorsky warns people to be ready for a bigger bill at the grocery store than you're used to. That being said, he also points out that the price could be worth it to be reunited with family and friends after two years of restricted holiday gatherings.
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