By Arlenys Tabare
With just weeks to go until celebrating Mother’s Day this year, many households will have to adjust their budgets as, due to high inflation, Having a detail, gift or present for the parent could cost up to 4% more than last year, according to an analysis by the Wells Fargo Agri-Meals Institute.
With inflation above 3%, This year, eating at a restaurant to commemorate mothers could cost up to $70 compared to $64 last year. For Michael Swanson, chief agricultural economist at the Wells Fargo Institute, “restaurants need to compete to retain those workers,” he said.
On the other hand, those who choose to give bouquets of flowers had an increase from $55 to $59, that is, 7.3%; candies and sweets rose from $38 to $41, 7.2%, while jewelry increased from $214 to $230. As for perfumes, they only went from costing $66 to $67, an increase of 1.1%.
For Clay Cary, senior trends analyst at CouponFollow, the conclusion reached with the study is that there was a rapid increase in costs in various categories. “While inflation is always expected, these hidden costs can surprise consumers. Planning ahead and taking advantage of discounts when possible can have a significant impact on budgets this year.”said.
Cary also pointed out that waiting until the last minute to buy the gift can be much more expensive; You could pay between $5 to $20 more.
Affordable options
Swanson believes that, although taking mom to eat out may be more expensive, when it comes to more affordable options, she indicates that “maybe this is the year to host a Mother’s Day brunch, since the price of eggs has dropped considerably compared to last year. A year ago, in March, the price of a dozen eggs was $6.23, and this year, in March, it was $2.35,” express.
The Wells Fargo analysis detailed the dizzying increase in the price of beef in the last year, which, according to the USDA, rose 17%, one of the highest levels due to high demand. So, although it is part of one of the typical dishes, Swanson does not recommend it to celebrate that day if you want to save.
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