Thanksgiving remains an important time for many Americans. The cost of the meal this year is also top of mind.
American Farm Bureau Federation’s (AFBF) 37th annual survey provides a snapshot of the average cost of this season’s classic Thanksgiving feast for 10, which is $64.05 or less than $6.50 per person. This is a $10.74 or 20% increase from last year’s average of $53.31.
“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,” said AFBF Chief Economist Roger Cryan.
Inflation
General inflation has been running 7% to 9% in recent months. The most recent Consumer Price Index report for food consumed at home reveals a 12% increase over the past year.
“Other contributing factors to the increased cost for the meal include supply chain disruptions and the war in Ukraine,” Cryan said. “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.”
Cryan said the supply of whole turkeys available to consumers should be adequate this year, although there may be temporary, regional shortages in some states where avian influenza was detected earlier this year.
“Farmers are working hard to meet growing demands for food – both here in the U.S. and globally – while facing rising prices for fuel, fertilizer and other inputs,” said Cryan.
The shopping list for Farm Bureau’s informal survey includes turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk, all in quantities sufficient to serve a family of 10 with plenty for leftovers.
“We should not take our food supply for granted,” said AFBF President Zippy Duvall. “Supporting sustainable productive agriculture in the U.S. and globally is imperative. 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.
“State and local Farm Bureaus across the country have strong partnerships with local food banks, and I’m proud of their collective efforts to help ensure no one goes hungry.”