“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.”
American Farm Bureau Federation Chief Economist Roger Cryan. In the bureau's 37th annual holiday survey, they found that the average cost of this year's Thanksgiving meal is 20% higher than last year.
nov 17, 2022
Big Picture: “Other contributing factors to the increased cost for the meal include supply chain disruptions and the war in Ukraine. 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 explained.
Why It Matters: According to the survey, the average cost of a holiday meal for 10 people is $64.05, compared to the 2021 average of $53.31. The most recent Consumer Price Index report showed that while general inflation increased by about 8%, prices for food consumed at home has increased about 12% over the past year.
Also worth noting: Walmart keeps Thanksgiving meal prices same as last year (Axios)
Farm Bureau Survey Shows Thanksgiving Dinner Cost Up 20% (Farm Bureau)