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Cheaper turkeys will help bring down the cost of Thanksgiving dinner this year
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Cheaper turkeys will help bring down the cost of Thanksgiving dinner this year



CNN

Thanksgiving dinner will cost less this year than last year, but will still be 19% higher than before the pandemic, according to the American Farm Bureau Federation’s annual Thanksgiving survey on Wednesday.

The average cost of dinner for 10 people this year is $58.08, or about $5.80 per person, the survey found. That is a decrease of 5% compared to 2023.

The centerpiece of the Thanksgiving meal, the turkey, helped reduce overall costs. The average price for a 16-pound turkey is $25.67, down 6% from last year.

“The turkey is traditionally the main attraction at the Thanksgiving table and is typically the most expensive part of the meal,” Bernt Nelson, economist at the American Farm Bureau Federation (AFBF), said in a statement. “The U.S. turkey flock is the smallest since 1985 due to bird flu, but overall demand is also down, resulting in lower grocery store prices for families planning a holiday meal.”

The American Farm Bureau’s Thanksgiving meal consists of twelve common items used in a Thanksgiving meal. Most of these have fallen in price, due to crop price volatility this year, the AFBF said.

The price of whole milk fell more than 14% from last year to $3.21 per gallon, thanks to better weather for dairy farmers and cows. Frozen peas fell 8.1% to $1.73 per pound, and celery and carrots fell 6.4%.

But items like cubed stuffing and dinner rolls both rose 8% due to higher labor costs, the AFBF said. Cranberries saw the biggest increase, with an increase of almost 12% year-on-year.

A fresh bag of cranberries will cost an average of $2.35 this year, the survey found, closer to historic prices after a big drop last year.

“We are seeing modest improvements in the cost of Thanksgiving dinner for a second year, but American families, including farm families, continue to be affected by high inflation,” AFBF President Zippy Duvall said in a statement.

According to October Consumer Price Index inflation data, Americans are paying 22% more for groceries compared to when President Joe Biden took office in January 2021. Annual inflation rose 2.6% last month, compared to 2.4% the month before.

In exit polls, Americans said the economy and especially grocery prices were a major reason why they voted for President-elect Donald Trump. However, while price increases may slow further, prices themselves are not expected to fall.

Farm Bureau volunteers checked prices in stores and online in all 50 states and Puerto Rico from November 1 to 7, looking for the best deals. This was before most supermarket chains began offering whole frozen turkeys at lower prices, the AFBF said. Americans could still find better prices, especially for turkeys.

The cost of Thanksgiving dinner items varies depending on location, the survey found. Dinner was cheapest in the South at $56.81, followed by the Northeast, the Midwest and then a significant jump in the West at $67.81.