This Year’s Thanksgiving Feast Costs Slightly Less: NPR
As Thanksgiving approaches, shoppers can find some relief with reduced prices on traditional feast staples. Prices for turkey and stuffing have dropped compared to last year, bringing some welcome news for those hosting holiday gatherings.
This Year’s Thanksgiving Feast Costs Slightly Less
For 2023, the average cost of a Thanksgiving meal is approximately 5% lower than in 2022. This decrease is largely attributed to a significant 16% drop in the price of whole frozen turkeys. This trend comes amidst a backdrop of inflation, which rose by 2.7% over the twelve months ending in September.
A Glance at Grocery Prices
- Turkey: Down 16% from last year
- General food prices: 5% lower than last year
- Inflation in grocery prices: 2.7% in the past year
Food economist Michael Swanson from Wells Fargo highlighted a “mega surplus of food” in the U.S., indicating that the country has just harvested its largest corn and soybean crop. This surplus allows for lower feeding costs for turkeys.
More Than Just Turkey Savings
In addition to turkey, costs have also decreased for stuffing, dinner rolls, and pie crusts, primarily due to falling wheat prices. However, sweet potatoes may be more expensive this year, impacted by hurricane damage in North Carolina, a major sweet-potato producer.
- Stuffing: Prices decreased due to falling wheat prices
- Sweet potatoes: Prices likely higher due to hurricane effects
- Cranberry prices: Decreased this year
Shoppers seeking to save money often opt for store-brand products, which have become more competitive as national brands adjust to rising shopper price sensitivity. Cynthia Pearson, a Giant supermarket shopper, indicated that she often chooses store-brand options to customize her holiday meal.
Challenges Amid Lower Prices
Although certain Thanksgiving staples are cheaper than last year, many items still cost more than they did prior to the pandemic. Pearson noted the need to maximize any savings, stating her intent to make the food last through the weekend.
Despite the reductions, beef prices have significantly increased, with a reported rise of nearly 15% this year. Swanson confirmed that preparing a beef-centered Thanksgiving would be notably more expensive than the traditional turkey dinner.
As families prepare for Thanksgiving, they can take a moment to appreciate the slightly lower costs of their holiday feasts while still being mindful of price shifts across various food items.
