According to the American Farm Bureau Federation, Thanksgiving dinner will be less expensive for consumers this year, although the overall cost of traditional holiday items remains 25% higher than in 2019. The farm organization reported that the average expense for this year’s Thanksgiving feast for a group of ten is $61.17, marking a 4.5% decrease from last year’s record average of $64.05. Despite this reduction, 2023’s total is still among the highest recorded since the survey began in 1986.
“While shoppers will notice a small decrease in the cost of a Thanksgiving dinner, high inflation continues to affect families nationwide, including our farmers,” stated Zippy Duvall, president of the American Farm Bureau Federation. A significant portion of this year’s meal cost reduction can be attributed to a sharp drop in turkey prices, which is usually the most expensive component of the Thanksgiving meal. The average price for a 16-pound turkey stands at $27.35, or $1.71 per pound, reflecting a 5.6% decline from 2022.
The shopping list for the Farm Bureau’s informal survey includes turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, and pumpkin pie with whipped cream, all in amounts sufficient to serve a family of ten with plenty of leftovers. The farm organization noted that classic items like whipping cream (down 22.8%), cranberries (down 18.3%), and cubed stuffing (down 2.8%) will be cheaper this year. However, consumers will see price increases for certain items, such as pumpkin pie mix (up 3.7%) and dinner rolls (up 2.9%).
U.S. consumers have been facing rising costs across various sectors, from electricity and housing to clothing and transportation services, and food prices have not been spared. Recent CPI data from the U.S. government shows that at-home food prices have remained stable or increased by 0.1% to 0.3% over the past six months, as companies pass on higher costs for ingredients, labor, and shipping to consumers. Over the last year, food-at-home costs have risen by 2.1%. This increase, combined with rising expenses elsewhere, has led many consumers to scale back on food spending or switch to more affordable private label products.
Looking ahead, there may be relief for consumers in the upcoming year. Rabobank’s 2024 outlook indicated that significant relief could be on the horizon due to falling prices of key commodities like corn, cocoa, sugar, soybeans, and coffee, as producers have increased output in response to previous high prices. The bank concluded that the primary beneficiaries of this declining trend in agricultural commodities will be baking, dairy, and animal protein producers, who are expected to enjoy lower prices for grain- and oilseed-heavy ingredients.
In addition, consumers may want to consider incorporating supplements like the best calcium citrate 500 mg into their diets to help offset nutritional gaps, especially during the holiday season when diet changes are common. This could be a beneficial choice as families navigate the challenges of rising food prices while still trying to enjoy festive meals together.