Before Easter, Republicans are drawing attention to the impact of inflation on the holiday’s expenses since President Joe Biden took office.
Inflation surged shortly after Biden assumed the presidency in January 2021, reaching an annual price growth peak of around 9%. Although the rate of price growth has decreased, inflation remains high, prompting Republicans to use the occasion of Easter to underscore the significant increase in the cost of celebrations compared to pre-Biden era.
The House Budget Committee Republicans expressed concern in a recent news release, stating that the Easter Bunny would incur notably higher expenses for dinner, treats, and Easter baskets this year. They emphasized that Americans eagerly anticipating family gatherings, Easter Egg hunts, or floral arrangements over the weekend are feeling the financial strain.
Highlighting the unprecedented price levels this Easter, the committee remarked on the current inflationary trend. While headline inflation reflects the overall price changes of goods and services, the specific costs of Easter-related food items have seen sharper increases.
For instance, egg prices, closely associated with Easter traditions, have been on the rise again. Following a significant surge towards the end of 2022 due to avian influenza outbreaks, which led to a decline in supply, prices plummeted and then began to climb since September. In the past month alone, egg prices have risen by 8.4%, surpassing the overall inflation rate. Nevertheless, they remain 17% lower compared to the same period last year.
Republicans have framed the increase in egg prices since Biden took office, pointing out a 49% rise alongside hikes in other Easter-associated food items like biscuits, rolls, muffins, ham, and beef for roasting.
The surge in egg prices is primarily attributed to avian influenza, as explained by American Farm Bureau Federation economist Bernt Nelson. Despite concerns over potential outbreaks affecting egg production, current conditions suggest stable or possibly decreasing prices as summer approaches.
Additionally, cocoa prices, crucial for Easter chocolates, have soared due to plummeting production in Africa, particularly in the Ivory Coast and Ghana. The spread of the swollen shoot virus and aging cocoa trees have threatened production, leading to a 245% increase in global cocoa prices compared to last year.
While concerns exist regarding chocolate prices for Easter, major companies have managed to hedge against rising cocoa prices, delaying significant cost increases for consumers.
Republicans have heavily criticized Biden’s economic management, particularly regarding inflation. Although the White House aims to reassure voters about the soundness of Biden’s economic policies, inflation remains a pressing issue for households.
Despite ongoing economic challenges, there are some positive indicators, such as the rise in consumer sentiment to the highest level in over two years in March, with a decrease in inflation expectations. Biden’s economic approval ratings have seen a slight improvement, albeit remaining low, according to recent surveys.