Thanksgiving dinner will cost less this year than in 2023, but it will still be 19% more expensive than before the pandemic, according to the American Farm Bureau Federation’s annual Thanksgiving survey released Wednesday.
The average cost of this year’s dinner for 10 people is $58.08, or about $5.80 per person, which marks a 5% decrease from 2023.
The turkey, a key part of the meal, contributed to the overall reduction in price. A 16-pound turkey now costs an average of $25.67, down 6% from last year.
Bernt Nelson, an economist at the American Farm Bureau Federation (AFBF), explained that despite a smaller turkey flock due to avian influenza, overall demand has decreased, leading to lower prices.
The survey includes 12 common Thanksgiving items, most of which saw price drops due to crop volatility this year. Whole milk dropped 14% to $3.21 per gallon, thanks to favorable conditions for dairy farmers. Frozen peas, celery, and carrots also saw decreases, with frozen peas dropping 8.1% to $1.73 per pound.
However, some items, like cubed stuffing and dinner rolls, rose by 8% due to higher labor costs. Cranberries experienced the highest price increase, rising nearly 12%, with fresh cranberries now costing $2.35 per bag.
Zippy Duvall, AFBF president, noted that while costs are improving modestly, families, including farm families, are still impacted by high inflation.
Since President Biden took office, grocery prices have risen by 22%, according to October’s Consumer Price Index data. While inflation may slow, prices are not expected to decrease significantly.
Farm Bureau volunteers tracked prices from November 1–7, before grocery stores began offering lower prices on frozen turkeys. Prices varied regionally, with the South having the cheapest dinner at $56.81, followed by the Northeast, Midwest, and a significant increase in the West at $67.81.
