Thanksgiving dinner costs are expected to be lower this year compared to last year, but still remain 19% higher than pre-pandemic levels, according to the American Farm Bureau Federation’s annual Thanksgiving survey.
The survey revealed that the average cost of this year’s Thanksgiving dinner for 10 people is estimated at $58.08, which translates to about $5.80 per person. This represents a 5% decrease from the previous year.
The star of the Thanksgiving feast, the turkey, played a significant role in reducing the overall cost. The average price for a 16-pound turkey is reported to be $25.67, marking a 6% decrease from the previous year. The American Farm Bureau’s Thanksgiving meal comprises 12 common items typically found in a Thanksgiving spread, most of which have seen price decreases, reflecting the price fluctuations in crops this year, as stated by the AFBF.
According to Bernt Nelson, an economist at the American Farm Bureau Federation, “The turkey is traditionally the main attraction on the Thanksgiving table and is typically the most expensive part of the meal.” Nelson explained that the decrease in turkey prices can be attributed to the current state of the American turkey flock, which is the smallest it has been since 1985 due to avian influenza. Additionally, a decrease in overall demand has led to lower prices at grocery stores, benefiting families planning their holiday meals.
Several other Thanksgiving staples have also seen price fluctuations. Whole milk prices have dropped by over 14% from the previous year to $3.21 per gallon, thanks to favorable weather conditions for dairy farmers and cows. Frozen peas are now priced at $1.73 per pound, reflecting an 8.1% decrease, while celery and carrots have seen a 6.4% reduction in prices.
However, not all items have experienced price drops. Cubed stuffing and dinner rolls have both increased by 8%, primarily due to higher labor costs, as highlighted by the AFBF. Cranberries have witnessed the most significant increase, rising by almost 12% year-over-year. A fresh bag of cranberries now costs an average of $2.35, which is closer to historical prices following a substantial drop last year.
