The cost of a traditional Thanksgiving dinner will likely surpass $80 this year thanks to runaway turkey prices and a general surge in food costs.
SO WHAT
Americans have plenty to be grateful for, but $30-plus turkeys probably aren’t on the list.
THE NUMBERS
Following two years of rapid inflation, turkeys cost nearly twice what they did in 2021, and other food staples of the holiday are more expensive, too, according to U.S. Department of Agriculture data released last week.
The USDA estimated that overall food prices will increase 9.5%-10.5% this year, followed by a 3-4% rise next year.
- That would mean a 20% increase in the price of food from 2021 to 2023.
- In addition to inflationary factors like U.S. government spending and a global energy crisis, turkey prices have been pushed upward by an outbreak of avian flu.
THE BOTTOM LINE
A traditional Thanksgiving meal for 10 people, modeled on a typical market basket for the holiday dinner used by the American Farm Bureau Federation, would cost just over $80 based on September prices, up from $56.57 last year.
- The 4PM’s calculation adds one vegetable side and a salad to the the AFBF market basket, and substitutes ice cream for whipped cream.
- The AFBF typically releases its Thanksgiving price estimate, based on data from a number of regional farm bureaus, in mid-November.
- One-third of American household have already been skipping meals or reducing portion sizes because of rising prices at the grocery store, according to consumer data firm Dunnhumby.
SAME ENERGY
Inflation already increased the cost of a typical July Fourth cookout by 17% and of Halloween candy by 14% this year, per the AFBF.