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The cost of a Thanksgiving dinner has risen 20% since last year, according to an analysis from the American Farm Bureau Association.
Costs for holiday staples such as turkey, sweet potatoes, and stuffing have surged since the same time last year when the lobbying group reported that the cost of the meal had increased 14% since 2020.
“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,” Farm Bureau Chief Economist Roger Cryan remarked in a press release. “Other contributing factors to the increased cost for the meal include supply chain disruptions and the war in Ukraine. The higher retail turkey cost at the grocery store can also be attributed to a slightly smaller flock this year, increased feed costs and lighter processing weights.”
The price of a 16-pound turkey has risen from $23.99 last year to $28.96, marking a 21% increase as an outbreak of the avian flu impacts poultry flocks across the country. The costs for cubed stuffing mix, one dozen dinner rolls, and a 30-ounce can of pumpkin pie mix have surged 69%, 22%, and 18%, respectively.
A family serving 10 people during the upcoming holiday can expect to spend an average of $64.05. Last year, households spent $53.31 to feed the same number of people. Americans in the western portion of the country can expect to pay $71.37, while those in southern states can expect to spend a more modest $58.42.
Farm Bureau President Zippy Duvall remarked in the press release that state and local chapters of the organization would conduct charity efforts to support families that cannot afford Thanksgiving meals. “We should not take our food supply for granted,” he remarked. “As many of us gather with family and friends for a special meal, it’s a time for giving thanks and doing our part to help those who can’t afford a big holiday feast.”
Inflation has plagued American consumers and businesses over the past two years. Price levels rose 7.7% between October 2021 and October 2022, according to a report released last week by the Bureau of Labor Statistics, indicating that inflation has begun to slow amid contractionary policy from the Federal Reserve. The month-to-month increase of 0.4% was below analysts’ forecasts, while the 0.3% increase in core inflation, which factors out the more volatile food and energy categories, was likewise lower than expected.
Nevertheless, overall food prices rose 0.6% while energy prices rose 1.8%. Shelter costs rose 0.8%, marking their fastest increase since the start of the year.
President Joe Biden claimed that the lower headline inflation number showed “a much-needed break” in rising price levels. “Today’s report shows that we are making progress on bringing inflation down, without giving up all of the progress we have made on economic growth and job creation,” he said in a statement from the White House. “My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength.”
After the Farm Bureau noted last year that the cost of a Fourth of July cookout had fallen $0.16 since the previous summer, the administration came under criticism for taking a victory lap in response to the negligible savings. This summer, however, the Farm Bureau found that the cost of an average Independence Day cookout rose $10.18 from the previous year.