RALEIGH, N.C. (WTVD) -- Wall Street closed Thursday on a better-than-expected inflation report. October's Consumer Price Index rose to 7.7%, its lowest year-over-year increase since January and below predictions.
But analysts say food and energy prices continue to be extremely volatile.
The economy is still a source of stress for people and it's going to affect Thanksgiving celebrations.
"Probably traveling, (I'm) probably going to stay in town this year," said Raleigh resident Allie Bailey.
Bailey is planning to forgo a trip to see family.
Mary Ellen Pietruszynski is warning loved ones there will be no fresh turkey like in years past. A frozen one is cheaper, and the sweets selection is going to be scaled back.
"I said, 'I'm making one pie and not four,'" said Pietruszynski.
Wells Fargo did an analysis and proclaimed that it could be cheaper to eat out for Thanksgiving than cook that big meal at home.
The report says rising commodity costs affect grocery stores more directly than restaurants.
Turkey, in particular, is forecasted to be 23% more expensive this year.
Some grocers are rolling out deals, but the sales are not enough for some people.
A food giveaway in north Raleigh is helping families with the financial burden of a Thanksgiving gathering.
"We're seeing families that we haven't seen before. Families are from not necessarily lower-socioeconomic areas, but more of the middle class as well. They're struggling," said Dan Stevens from Feed the Children.
President Biden issued a statement on inflation, acknowledging that it's been a hard two years, but said "Today's report shows a much-needed break in inflation at the grocery store as we head into the holidays."