Expert: Labor and supply chain crisis are the major reasons of the Christmas season inflation
This year's Christmas season will likely feel more normal than last, but it's going to be more expensive. Financial services firm PNC has released its Christmas Price Index. It tallies the cost of the birds and five gold rings that one's true love gave in the famous Christmas song, based on today's market rates. On average 5.7 percent more this year relative to pre-pandemic pricing of 2019. It is the largest increase since 2013.
Qu Qiang, assistant director of the International Monetary Institute at Renmin University of China, talks about the driving forces of the higher prices of Christmas products. He pointed out that labor and supply chain crisis are the major reasons.