Yahoo Finance’s Brooke DiPalma joins the Live show to discuss rising food costs and how they could impact traditional New Year’s Eve celebration dishes.
Video Transcript
BRAD SMITH: New Year's Eve is filled with traditions, but inflation is taking a toll here in the US. And Brooke DiPalma is here with some global traditions that will cost Americans more this year.
BROOKE DIPALMA: That's right. Well, first, let's kick it off with fruit. By the way, Brian, you look fantastic.
BRIAN SOZZI: Thanks so much.
BROOKE DIPALMA: Kicking it off with fruit here, a Filipino tradition is to have 12 to 13 round fruit on the table. That's supposed to intend-- of course, 12 months in a year-- bring in prosperity. And then as, Brian, you have right there--
BRIAN SOZZI: These are the biggest grapes I've ever seen in my life.
BROOKE DIPALMA: Grapes from the West End Market--
BRIAN SOZZI: These are like baseballs, hey, baseballs.
BROOKE DIPALMA: --in Lower East side of Manhattan. 2 pounds of grapes cost me roughly $12. Now that's an Italian and Spanish tradition to have 12 grapes at the stroke of midnight in order to represent each month and ultimately bring good fortune in the new year. Now, across the table, we actually have a Greek tradition. That is a cake called the vasilopita. There is one golden lira inside that cake, and whoever gets it is brought--
BRIAN SOZZI: There's real gold in there?
BROOKE DIPALMA: --good fortune. There's a golden lira inside the cake, so one coin inside the cake. And whoever gets it, it's meant to bring good fortune. Now they're moving out of the way for each other. But we got that from Pie Bakery in Soho here in New York, and they told us that the ingredients to make the food ultimately cost about 25% more than this time last year across the board. And as you can see there, the reason why, year over year, flour, cake, cookies, eggs, milk, butter, sugar overall higher across the board. So certainly taking a toll on that Greek tradition.
And now, Brian, some Americans like you like to create their own New Year's Eve traditions. And so Brian insisted on getting Taco Bell. Taco Bell is open at several locations on New Year's Eve and New Year's Day. Prices there up about 14.6%. You can see right here we have a Crunch Wrap on set. Now that actually is down from last year. The cost is down about $1.22. It costs roughly 2.42 now here in the US, according to a study from Price Listo. So I know that you guys are already chowing down.
BRIAN SOZZI: Well, let's hit that ticker, of course. Taco Bell owned by Yum Brands. Let's get this video clip on the Yum Brands ticker page. Brooke, what the heck is this thing?
BRAD SMITH: A lime.
BROOKE DIPALMA: I believe that is a small lime. Don't eat this. Don't eat. But of course, you cannot have New Year's Eve without champagne. Champagne also higher, alcohol at home costing about 4 and 1/2% more. Now according to Finance Buzz, the average cost for a bottle is about $55 to $56 on average. So certainly across the board, no matter how you celebrate New Year's Eve, it will likely cost you more this year on a very serious note, gentlemen.
BRIAN SOZZI: I mean, you suck down 12 Bud Lights over there like some folks in our team, I mean, you go into Taco Bell all day. You go into Taco Bell all day, Brad.
BRAD SMITH: Yeah, you got the Korbel here, too, to wash it all down.
BRIAN SOZZI: $18 Korbel.
BRAD SMITH: 18, yep.
BROOKE DIPALMA: Now of course, as you just heard, though, consumers may be spending a little less on their champagne celebrations, opting for a different-- maybe prosecco perhaps, as opposed to the more expensive champagne. But overall, these traditions costing a little bit more.
BRAD SMITH: Wow, and eggs--
BRIAN SOZZI: I feel so bad for-- I feel so bad for you, Brooke. Every time you-- I know.
BROOKE DIPALMA: They always put me through this.
BRIAN SOZZI: You've been giving us-- these have been some challenging food hits for you, but I'm so excited.
BROOKE DIPALMA: That's right. We did have a Crunch Wrap Supreme that actually had an egg inside of it. And eggs up nearly 50% year over year. That's on top there.
BRAD SMITH: That's on top.
BROOKE DIPALMA: And so certainly when you think about just how much it costs to make that item, costing more for Taco Bell's bottom line, ultimately, Yum Brands' bottom line.
BRIAN SOZZI: And that's the cake.
BROOKE DIPALMA: But also the smaller businesses, as you can see with Pie Bakery also feeling the brunt, and consumers at home perhaps getting these fruits.
BRIAN SOZZI: Well, I don't want to be that guy that just puts my hand in this cake. I want the golden lira.
BROOKE DIPALMA: That one made it, yeah.
BRIAN SOZZI: We have to eat the cake after this, and I'm that dope who did that. I can't do it.
BRAD SMITH: Yeah, might as well. The egg doesn't travel well.
BRIAN SOZZI: No, really? Where did you find the egg one?
BRAD SMITH: It's on the top.
BROOKE DIPALMA: It's on top.
BRIAN SOZZI: Oh, wow. I get the egg one. Thanks so much. Appreciate it.
BRAD SMITH: All right, that's it for now, everyone. I'm Brad Smith here with Brian Sozzi. That's Brooke DiPalma. And from all the Yahoo Finance morning team, have a wonderful hate-- safe and happy new year. Here's to a great 2023. Oh, yeah.
BRIAN SOZZI: Let's go, markets.
BROOKE DIPALMA: Cheers.
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December 31, 2022 at 12:05AM
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How rising food costs will impact New Year’s Eve celebration dishes - Yahoo Finance
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