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Heat oil in large skillet on medium heat. Add shallot; cook and stir 2 minutes or until softened.
Stir in cranberries, sugar, vinegar, water, cinnamon and ginger. Bring to boil. Reduce heat to medium-low; simmer, uncovered, 5 to 10 minutes or until cranberries are soft and mixture is desired consistency. Remove from heat; stir in walnuts. Cool slightly.
Spoon into medium bowl; cover. Refrigerate until ready to serve.