Retailers are locked in a Thanksgiving turkey price war, cutting into margins to hold onto cost-conscious consumers.

Why it matters: Americans are feeling squeezed, with grocery prices about 30% higher than before the pandemic — and millions facing new food insecurity after the government's SNAP benefits freeze. • That strain is reshaping where people shop — and how far retailers will go to keep them. • Most people say they're paying more for groceries now than a year ago, even as the administration insists prices are going down, not up.

The big picture: The nation's turkey flock has shrunk to its smallest size in 40 years, and a rebound in avian flu cases this fall is keeping pressure on supply and prices. • Nearly 1.3 million turkeys have been impacted by outbreaks since October,

See Full Page