Inflation means prices for dinners and roses rise this Valentine’s Day
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Adriana Gamez replenishes her bouquet of roses at California Flowers in downtown Los Angeles on February 12, 2021.
Dania Maxwell | Los Angeles Times | Getty Images
They say love doesn’t cost money, but Valentine’s Day is another story.
For starters, anyone dating for the February 14 holiday can expect to pay top dollar for a table for two. Restaurants, which have been under pressure since the start of the pandemic, are charging more for meals in response to ongoing staffing challenges and higher food costs.
The price of a good steak in particular soared 154%, according to data compiled by personal finance site The Balance.
Almost all other traps on February 14 also cost more in 2022.
The Balance found that the average price of a dozen roses was up 22 percent from last year. Assorted chocolates were 9% higher, while candy sales in general hit new highs ahead of the holidays.
Prices for imported champagne, already more expensive than other sparkling wines, rose to $53 a bottle, up about 18 percent from a year ago, according to alcohol delivery service Drizly. On the other hand, the average price of table wine rose by only 2.5%.
Only gold remained near $1,800 an ounce due to other economic factors.
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All in all, Valentine’s Day spending According to the National Retail Federation, it is projected to reach $23.9 billion in 2022, the second-highest year on record.
On average, Americans pay Candy, cards, flowers and other romantic gifts cost $175.41, up from $164.76 in 2021.
According to another LendingTree survey of nearly 2,100 adults, people in relationships spend more money — an average of $208 for their significant other.
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