Aldi announces Thanksgiving meal deal to fight inflation

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how Aldi is preparing to do battle with Walmart.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching

00:03on the street today. Earnings season is providing a positive vibe on Wall Street. Morgan Stanley

00:09is the latest big bank to report better than expected results. Revenues from investment

00:13banking blew past competitors with a 56 percent jump in the third quarter.

00:20In other news, there's a Thanksgiving budget battle in the making. Aldi is pulling out

00:24all the stops this year in order to undercut Walmart's pricing to feed your family for

00:30the holiday. The discount grocery store chain unveiled its quote, inflation-busting holiday

00:35meal. For $47 or $4.70 per person for a party of 10, you can shop for butterball turkey,

00:43gravy, rolls, macaroni and cheese, stuffing and all the ingredients you need for popular

00:47side dishes like cranberry sauce, mashed potatoes and a dessert. Walmart's advertised holiday

00:53meal plan covers a small turkey and all the fixings for less than $7 a person. While the

01:00comparison may not be apples to apples, it does prove that Aldi is slashing prices to

01:05draw customers away from Walmart. Aldi says its Thanksgiving meal prices are the lowest

01:12in five years. CEO Jason Hart said in a statement, quote, we know grocery prices are still top

01:18of mind for customers. We worked hard this Thanksgiving to deliver the best value and

01:23quality products so everyone can enjoy a traditional meal with family and friends without having

01:30to scale back. While retail inflation has slowed dramatically in recent months, food

01:35inflation is another matter. The price to eat at home rose 1.3 percent in September

01:41from a year ago, according to government data. That'll do it for your daily briefing from

01:46the New York Stock Exchange. I'm Conway Gittins with The Street.

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