**Thanksgiving dinner prices are still stubbornly high**
Starting with a look back to Thanksgiving dinner 2022, you might still have memories of just how expensive it was last year. Well, thanks to lowering inflation, this year it might not hit your wallet quite as hard. But before you start celebrating too much, brace yourself for 2023. This year, prices are predicted to rise by a whopping average of 14.7% compared to 2021, and a shocking 25% more than pre-pandemic years.
According to the Office of the Federation of American Farmers, even as overall inflation moderates, prices for Thanksgiving dinner essentials remain stubbornly high. The Federation’s annual study estimates that the basic ingredients for a traditional Thanksgiving dinner can cost an average of $6.12 per person, totaling about $61.17 for a dinner for 10 people. This is slightly less than the $64.05 price tag from last year, but still makes 2023 the second most expensive year in the 38 years that the Federation has been monitoring prices.
However, there’s a silver lining in the turkey department. A year ago, the price of turkey skyrocketed due to the impact of a bird flu that started in January 2022, lasting 19 months. The outbreak caused prices to soar not only for turkey but also for eggs, making a notable impact on consumers.
On a more hopeful note, looking ahead to Thanksgiving 2023, reports from the Department of Agriculture indicate that 4% more turkeys have been raised than last year, and even more than in 2021. This increase in supply is expected to drive the turkey prices down. A 16-pound turkey now costs an average of $27.35, which is 5.6% cheaper than last year and accounts for 43% of the cost of the basic dinner.
If you’re located in the northeastern United States, it’s important to note that your Thanksgiving dinner is expected be the most expensive on average – amounting to $64.38 for a dinner for 10. On the other hand, those in the Midwest can expect to spend less at an estimated cost of $58.66.
Adding in other dinner essentials such as ham, potatoes, green beans, cranberries, sweet potatoes, and pumpkin pie, the average price rises to $8.48 per person. The good news is that for this basket of products, prices have fallen, with seven of the 11 items on the Thanksgiving dinner list costing less than last year.
Moreover, there’s hope on the inflation front. According to Walmart CEO Doug McMillon, there are signs of deflation (falling prices) in certain products, such as chicken and fish. The company’s financial director also noted that the worst of inflation might be behind us. When examining combined prices, the Bureau of Labor Statistics stated that October saw prices remaining unchanged from the previous month.
So, although the cost of Thanksgiving dinner may be a little easier on your pocket this year, food prices continue to rise, with a 2.1% increase in the last 12 months. However, the positive news from Walmart leaves some room for optimism, as the company hints at potential relief from inflation in the coming months.