Good news for Thanksgiving hosts this year: The average price for this year’s traditional spread for a gathering of 10 will be about $58, down 5% from last year.
The bad news: That cost is still about 19% higher than five years ago.
The American Farm Bureau Federation (AFBF) study evaluated costs for the usual Thanksgiving dinner, including turkey, cranberries, sweet potatoes, dinner rolls, pumpkin pie mix and more. The organization has been evaluating Thanksgiving dinner prices since 1986.
The overall price drop compared to last year comes as the cost of turkey is down about 6%, while sweet potatoes are down about 26%. But some prices are up, including an 8% increase in dinner rolls and stuffing.
The turkey is the largest of the costs analyzed, accounting for about 43% of the dinner expenses historically. A 16-pound turkey accounts for about 44% of the price this year.
According to the report, milk, an ingredient in some sides, is down this year by about 14% compared to last year. This is due to favorable weather conditions for dairy cows. It’s worth noting that average prices may not reflect actual costs by region, as prices vary significantly across different country areas.
The report attributes increases to dinner rolls, cubed stuffing, and other processed products often used in Thanksgiving spreads, as well as non-food inflation and labor shortages that have driven up food supply chain costs.
Cranberries, while more expensive this year than last year, are actually more affordable than historical averages. The report notes that when adjusted for inflation, cranberries are at their lowest price point since 1987.
Floridians can rejoice this year. Grocery prices out West are about 14% higher than the rest of the country, with costs in the South among the lowest in the nation. It’s also much cheaper for everywhere but the West to expand their Thanksgiving menu. Adding ham, potatoes and green beans to the menu will push the average price to about $81 in the South and Northeast and about $83 in the Midwest. In the West, meanwhile, those additions make the grocery bill much higher, to more than $93.
The AFBF analyzes Thanksgiving dinner costs yearly as a high-profile opportunity to spotlight food costs and trends.
“While consumers are seeing some signs of retail food price stability, farmers are experiencing lower and more volatile prices at the farm gate,” the report notes. “And just like consumers, they are also victims of inflation, as their production costs rose steeply over the last few years. USDA projects national net farm income will fall by $6.5 billion in 2024.”
One of the AFBF’s key takeaways from this year’s report aligns well with the Thanksgiving holiday, highlighting the need to give thanks to farmers.
“Low crop prices, poor growing weather, disasters like the recent hurricanes and shifting international markets all threaten farmers’ livelihoods. Congress has historically provided help in the form of the farm bill and, in exceptional situations, disaster relief. The most recent farm bill expired this fall, already six years old and out of date; disaster relief in recent years has been short and severely delayed, hampering recovery for farmers and rural communities,” the report said.
Janelle Irwin Taylor has been a professional journalist covering local news and politics in Tampa Bay since 2003. Most recently, Janelle reported for the Tampa Bay Business Journal. She formerly served as a senior reporter for WMNF News. Janelle has a lust for politics and policy. When she’s not bringing you the day’s news, you might find Janelle enjoying nature with her husband, children and two dogs. You can reach Janelle at Janelle@floridapolitics.com.
