Thanksgiving hosts have a little more to be thankful for this year as inflation finally shows signs of easing. That means the cost of your Thanksgiving dinner might be lighter compared to last year’s feast.
Here’s everything you need to know.
Let’s Talk Turkey
The average cost of a holiday feast for 10 is down to $58.08 — a 5% decrease compared to 2023, according to the American Farm Bureau Federation. While prices are still higher than pre-pandemic levels, which averaged $48.91, this marks the second consecutive year of price decreases, following 2022’s record high of $64.06.
A 16-pound turkey now averages $25.67, down 6% from last year, but still significantly higher than pre-pandemic prices.
Why Turkey Prices Are Dropping?
Turkey prices are getting a bit of a break this year mostly thanks to fewer avian influenza outbreaks, which had caused major disruptions in turkey flocks over the past few years, driving prices up. With healthier birds and better supply, turkey prices are finally starting to come down.
“The turkey is traditionally the main attraction on the Thanksgiving table and is typically the most expensive part of the meal,” said AFBF Economist Bernt Nelson. “The American turkey flock is the smallest it’s been since 1985 because of avian influenza, but overall demand has also fallen, resulting in lower prices at the grocery store for families planning a holiday meal.”
The Cost of Your Thanksgiving Feast
The Farm Bureau Federation broke down the prices, and here’s the list of 2024 prices for Thanksgiving staples
- 16-pound turkey: $25.67
- Pumpkin pie mix (30 oz.): $4.15
- Milk (1-gallon whole): $3.21
- Veggie tray (1 lb., carrots & celery): $0.84
- Miscellaneous ingredients: $3.75
- Rolls (12): $4.16
- Pie crusts/shells (2): $3.40
- Green peas (1 lb.): $1.73
- Fresh cranberries (12 oz.): $2.35
- Whipping cream (½ pint): $1.81
- Sweet potatoes (3 lbs.): $2.93
- Cubed stuffing (14 oz.): $4.08
- Boneless Ham (4 lbs.): $14.79
- Russet Potatoes (5 lbs.): $2.63
- Green Beans (1 lb.): $1.83
Thanksgiving Costs Depend on Your Zip Code
The Farm Bureau Federation also found that where you live makes a big difference in Thanksgiving costs.
In the South, the classic meal is the most affordable at $56.81, followed by the Northeast at $57.36 and the Midwest at $58.90. The West is the priciest at $67.05. Add extras like ham, potatoes, and green beans, and the South still stays cheapest at $81.07, followed by the Northeast at $81.37 and the Midwest at $83.04, with the West climbing to $93.33.
Regional pricing highlights how location can impact your Thanksgiving budget.
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