Lower turkey prices trim Thanksgiving costs

Moderate decline doesn't erase dramatic increases of past five years, according to annual American Farm Bureau survey.

Lower turkey prices helped push the average cost of a Thanksgiving meal down 5% this year, according to the American Farm Bureau Federation's 39th annual Thanksgiving dinner survey. The survey pegs the average cost of this year's classic holiday feast for 10 at $58.08.

Despite price declines the past two years, the cost of the Thanksgiving meal is still 19% higher than it was in 2019, highlighting the impact inflation has had on food prices and farmers' costs since the pandemic.

"When considering these costs, it's important to remember farmers aren't necessarily benefiting from higher food prices at the grocery store," says Christopher Pudenz, Iowa Farm Bureau's economics and research manager. "Farmers only receive 16 cents of every food dollar spent and are also battling inflationary pressures on inputs like machinery and fertilizer."

These pressures are evident in net farm income, which is projected by the U.S. Department of Agriculture's Economic Research Service to be at least 23% lower in 2024 compared to 2022.

Turkey, often the centerpiece of America's Thanksgiving table, accounts for 44% of this year's total survey cost.

Turkey prices dropped to $1.60 per pound, bringing the cost of a 16-pound bird to $25.67 - 6% less than in 2023. Despite avian influenza contributing to the lowest turkey inventory since 1985, demand for turkey has also decreased, contributing to lower prices, said American Farm Bureau economist Bernt Nelson.

Other notable price changes include a 14% drop in the cost of a gallon of whole milk and a 26% decrease in the price for 3 pounds of sweet potatoes.

However, some items saw in­­creases, including 8% jumps for a 14-ounce package of cubed stuffing mix and one dozen dinner rolls, reflecting higher labor costs for items that require more processing. Cranberry prices in­­creased almost 12% year-over-year after falling 18% last year.

The American Farm Bureau's annual Thanksgiving dinner survey, conducted Nov. 1-7, offers a snapshot of current grocery prices. Farm Bureau volunteers from all 50 states compile data on traditional Thanksgiving items, including turkey, stuffing, sweet potatoes, rolls, peas, cranberries, a veggie tray and pumpkin pie with whipped cream.

The analysis revealed regional differences in the cost of the meal. The cost for the classic meal was the most affordable in the South at $56.81, followed by the Northeast at $57.36, the Midwest at $58.90 and then a significant jump in the West at $67.05.

For those planning a larger feast, an expanded menu - including boneless ham, Russet potatoes and frozen green beans - brings the cost up of a meal for 10 up to $77.34.