Thanksgiving Dinner Costs Decline This Year, Thanks to Falling Turkey Prices
The cost of Thanksgiving dinner is giving families something to be thankful for this year, with prices dropping compared to last year, Quartz reports.
According to the latest report from the American Farm Bureau Federation (AFBF), the average cost of a traditional Thanksgiving meal has decreased by 5%, bringing it to $5.81 per person, down from $6.12 last year. This price reduction is primarily attributed to a significant drop in turkey prices, the centerpiece of most Thanksgiving meals.
The cost of turkey has traditionally been the most expensive part of the meal, often accounting for around 43% of the total cost. This year, the price of a 16-pound turkey averages $25.67, or $1.60 per pound, which is a 6% decrease from 2023. According to the US Department of Agriculture (USDA) data, the price drop is linked to a decline in demand for turkey, partly driven by the impacts of avian flu. Despite the avian flu reducing the size of the US turkey flock to its smallest level since 1985, the demand for turkey has also fallen, contributing to lower prices. Farmers raised 205 million turkeys this year, which is 6% fewer than last year.
Other key Thanksgiving items have also become more affordable. Sweet potatoes, for example, have seen a dramatic price drop, with three pounds now costing just $2.93, down 26.2% from 2023. Other items, including frozen peas, pumpkin pie mix, and whole milk, have also seen lower prices, largely due to favorable weather conditions and lower crop volatility. The cost of a gallon of whole milk has decreased by more than 14%.
However, not all items have become cheaper. Dinner rolls, cubed stuffing, fresh cranberries, and whipping cream have experienced price increases this year. For instance, cubed stuffing and dinner rolls saw an 8% rise in price due to higher labor costs across the food supply chain. Cranberry prices jumped nearly 12%, although they remain relatively affordable compared to historical averages.
Regional differences also affect the cost of Thanksgiving dinner. The AFBF reports that the classic Thanksgiving meal is the most affordable in the South, where it costs $56.81 for ten people, or $5.68 per person. In contrast, the West has the highest costs, with the same meal priced at $67.81, or $6.78 per person.
When additional items like ham, potatoes, and green beans are included, the overall cost of the meal rises to $77.34, or $7.73 per person, reflecting a more modest 8.7% decrease from last year. The South remains the most affordable region for this expanded meal, while the West remains the most expensive.
Despite these price drops, the overall cost of Thanksgiving dinner is still higher than pre-pandemic levels. Compared to 2019, prices are approximately 19% higher, a reminder that inflation continues to impact the food industry.
