Shoppers can expect to pay a pretty penny for their Thanksgiving meal this year. Even if meal-at-home inflation slows to 2.4% since last October, this year’s Thanksgiving won’t be any cheaper.
According to the Wells Fargo Consumer Thanksgiving report, “there are record price gaps between the wholesale prices paid by supermarkets and the retail prices paid by consumers – and the difference is impacting some of the most popular holiday foods.” popular ones, including turkey and ham. »
Here’s what you need to know about Thanksgiving prices in November:
Thanksgiving Costs: What is the average cost of a Thanksgiving meal? We break it down.
Average price of Thanksgiving meal expected to increase slightly
Last year, the average cost of a Thanksgiving feast for 10 people was $64.05, according to the Farm Bureau.
Although estimates for 2023 are not yet available, the Consumer Price Index shows that home food prices increased by 2.4% this year.
Although the pace of food price increases has slowed in recent months, the Bureau of Labor Statistics found that food prices have increased nearly 17% over the past two years.
Thanksgiving Costs: Is it cheaper to go to a restaurant for Thanksgiving dinner? Maybe not this year.
Why are Thanksgiving ingredients more expensive?
Labor and food production costs are contributing to the increased cost of products this year, and it is estimated that food production costs will increase by 4.1%.
“While inflation is not as extreme as last year, it is still present and grocery prices are still somewhat variable,” Bernt Nelson, an economist at the American Farm Bureau Federation, said in a letter. electronic to USA TODAY.
Wildfires and droughts caused by extreme weather impact the ability of crops to grow, driving up prices.
But grocery stores could offer more discounts to consumers to help ease the financial impact of rising ingredient prices.
According to the report, “while most food manufacturers are operating at full capacity thanks to job growth and automation, retailers will be under intense pressure to pass the savings on to consumers in the aim to increase their purchases. »
How much do Thanksgiving side dishes cost this year?
Even though turkey prices are falling, side dishes aren’t following the same trend. Thanksgiving side dishes are expected to be 4% more expensive in 2023 than last year.
This is especially true in the Seattle, Washington, metro area, where purchasing two store-bought pumpkin pies will cost about $21, according to MoneyGeek.