TULSA, Okla. — We all know inflation is affecting our budgets but have you paid attention to what exactly is costing more this holiday season?
An analyst at Bankrate.com has studied just that. Bankrate looked at 40 items considered to be holiday essentials and put them in four buckets travel, experiences, entertainment, and gift-giving.
Analysts found that gift-giving is actually the least expensive on that list.
Bankrate found that the cost of throwing a holiday party or the cost of traveling to one are hit the hardest by inflation due to the rising cost of travel and food. One person we spoke to says she isn’t having a holiday party this year because of this.
“Gifts you can budget here and there,” Latia said. "You know what I mean, dollar gift here and there, but food you really can’t. You have to get the right food and it's very high."
Another person I spoke to said she is reducing the number of people invited to her holiday party due to inflation’s impact on food prices. Bankrate says six of the top 10 inflated items are all food items with eggs being the most inflated followed by dairy, bakery products, sweets and sugars.
When it comes to gift-giving, an analyst with Bankrate says three of the five items they saw a decline in prices from last year were electronics like TVs, smartphones and computers. However, shipping those gifts is up by 14% and wrapping is up by 13%.
To help control costs, the analysts suggest you get creative with wrapping, like making your own from stuff you already have around the house, and as we always say know your budget, but don’t think of gift giving as a separate budget from travel. Bankrate suggests you think of all expenses as one whole budget, not separate ones.
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