As families prepare for Thanksgiving dinner shopping this week, many will be relieved to discover that prices for essential items like turkey and dinner rolls are significantly lower than last year. According to the American Farm Bureau Federation’s annual survey, the average cost of a Thanksgiving meal for ten is now $55.18, which marks a 5% reduction compared to 2022.
The primary reason for this cost reduction is a substantial 16% decline in turkey prices. While turkey remains the most expensive item on the menu, it contributes greatly to the overall savings for consumers. However, it’s worth noting that prices for several side dishes have increased, including fresh vegetables and dairy products, which could offset savings on the main dish.
Since 2022, which recorded an all-time high of $64.05 for a Thanksgiving dinner, the total cost for traditional holiday foods has consistently decreased. The American Farm Bureau Federation has tracked these prices since 1986, employing volunteer shoppers from all 50 states and Puerto Rico to create a standard shopping list. This list includes not only turkey but also cubed stuffing, sweet potatoes, dinner rolls, frozen peas, fresh cranberries, celery, carrots, pumpkin pie mix and crusts, whipping cream, and whole milk.
This year, several items from the list registered price drops, particularly the turkey, cubed stuffing, fresh cranberries, and dinner rolls. The cost of a 16-pound turkey fell to $21.50, down from $25.67 last year, representing the most affordable turkey prices for Thanksgiving since 2000. Meanwhile, prices for pumpkin pie mix and frozen pie crusts have remained stable.
In contrast, prices for sweet potatoes, frozen green peas, carrots, celery, whole milk, and whipping cream have risen, driven by challenges faced by farmers due to rising costs of fertilizer, fuel, machinery, labor, and land. Additionally, Hurricane Helene’s damage last fall in North Carolina, which supplies about half of the nation’s sweet potatoes, has contributed to these increases.
Despite some rising costs, many families can still look forward to a more budget-friendly Thanksgiving, with the overall drop in pricing serving as a silver lining during the holiday season.