Farm Bureau Survey Indicates Thanksgiving Meal Cost Up 20%
Spending time with family and friends at Thanksgiving remains important for many Americans, and this year the cost of the meal is also top of mind.
Farm Bureau’s 37th annual survey provides a snapshot of the average cost of this year’s classic Thanksgiving feast for 10, which is $64.05 or less than $6.50 per person. This is a $10.74 or 20% increase from last year’s average of $53.31. The centerpiece on most Thanksgiving tables – the turkey – costs more than last year, at $28.96 for a 16-pound bird. That’s $1.81 per pound, up 21% from last year, due to several factors beyond general inflation.
Farm Bureau “volunteer shoppers” checked prices Oct. 18-31, before most grocery store chains began featuring whole frozen turkeys at sharply lower prices.
According to United States Department of Agriculture Agricultural Marketing Service data, the average per-pound feature price for whole frozen turkeys was $1.11 the week of Nov. 3-9 and 95 cents the week of Nov. 10-16, a decline of 14% in just one week; and the share of stores offering feature prices rose from 29% to 60%.
This means consumers who have not yet purchased a turkey should find one at a lower cost than the Farm Bureau average. “General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner,” said AFBF Chief Economist Roger Cryan.
General inflation has run 7% to 9% in recent months, while the most recent Consumer Price Index report for food consumed at home reveals a 12% increase over the past year.