The U.S. Bureau of Labor and Statistics has released its monthly Consumer Price Index, unsurprisingly showing a rise in prices for Valentine’s necessities over the past twelve months ending in January.
The heartbreak of the season might not stem from the lack of a valentine, but rather from the throes of inflation gripping our hearts.
The year-over-year increase in prices for commonly purchased Valentine’s Day items has slowed compared to recent years, yet it still shows an uptick from last year’s figures.
In comparison to last year, a romantic dinner will cost 5.1% more for couples. Although inflation on a meal at home has declined substantially since last year, couples would still face a 1.2% increase in costs.
Americans who participate in Valentine’s Day festivities paid 4.7% more when purchasing candy for their valentines. When purchasing flowers, jewelry, or wine, they faced an uptick of 3%, 0.6%, and 4.7%, respectively.
Sadly, according to a WalletHub Survey, 46% of Americans say that inflation is negatively impacting their Valentine’s Day plans. Nearly a quarter of Americans say that they do not anticipate their Valentine will spend money on a gift this year.
Candy, one of the most commonly purchased Valentine’s Day gifts, has increased 4.7% over the past year. Chocolate specifically is 12% more expensive this year, one of the largest inflation jumps during this season.
If your loved one is far away, stationery supplies to send your love by mail will cost you an additional 16.4% more than last year.
Inflation continues to cause heartbreak across the nation and will continue to do so unless the Biden administration scales back the excessive federal spending that drove inflation higher.