Gathering around the table for a Thanksgiving dinner won’t take as much of a toll on your pocketbook this year around compared to 2022, but the meal still reflects historically high costs.The American Farm Bureau Federation on its “38th annual Thanksgiving dinner survey” which reflects estimates on the cost of Thanksgiving dinner.
Big Picture: The American Farm Bureau Federation (AFBF) estimates that the average cost of a Thanksgiving meal for 10 people will be $61.17 this year – marking a 4.5% decrease from last year’s record high “driven by a decline in the price of the Thanksgiving dinner centerpiece – the turkey.” According to AFBF senior economist Veronica Nigh, “Turkey prices have fallen thanks to a sharp reduction in cases of avian influenza [AKA bird flu], which have allowed production to increase in time for the holiday.” Other items expected to cost less include cranberries and whipping cream, while the costs of dinner rolls and canned pumpkin pie mix have slightly increased.
Added Context: Last week, the U.S Bureau of Labor Statistics (BLS) released its October Consumer Price Index (CPI) report, reflecting important data on the state of inflation (high inflation = your dollar buys you less). The data reflects the rate of inflation continuing to moderate when compared to its peak last summer. Though easing, at 3.2%, October’s rate still falls short of the U.S. government’s goal targeting “an annual inflation rate of 2% …” (Investopedia).
Read More: Thanksgiving Dinner Cost Relief, But Still High Relative to Recent Years (American Farm Bureau Federation)
by Leah Grainery, based in Texas