For the second straight year, the average cost of a family's Thanksgiving gathering is expected to be cheaper.
The American Farm Bureau Federation said the estimated cost of a Thanksgiving dinner for 10 people will be 5% lower than a year ago, according to an analysis released Wednesday. The price drop comes after a 4.5% decrease in 2023 compared to 2022 prices.
The AFBF’s analysis looks at the cost of Thanksgiving staples, such as turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk.
The AFBF said providing enough food for 10 people with plenty of leftovers would cost $58.08 this year, down from $61.17 last year and $64.05 in 2022, but up from $53.31 in 2021.
Many Thanksgiving staples are less expensive than a year ago. The largest decrease was on the price of sweet potatoes, which had a 26.2% drop. After the cost of turkey rose 21% between 2021 and 2022, turkey prices have declined 6.1% in the last year after falling 5.6% the year before.
Other staples, such as pie crusts, frozen peas and milk, are also cheaper.
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Americans should also have an easier time affording Thanksgiving meals, as average weekly earnings are up 4% in the last year, as of October, according to the Bureau of Labor Statistics.
AFBF recognizes that inflation is still an issue for many Americans, but government programs such as the Farm Bill help ease the strain of high food prices.
“We should all be thankful that we live in a country with such an abundant food supply,” said AFBF President Zippy Duvall. “We are seeing modest improvements in the cost of a Thanksgiving dinner for a second year, but America’s families, including farm families, are still being hurt by high inflation.”
The AFBF said that turkey supplies have continued to be hampered by a recent outbreak of the avian flu. However, the organization notes that demand is also lower, which has helped prices fall.
