Here’s how much a typical Thanksgiving Day party will cost this year
The cost of preparing your Turkey feast is likely to be cheaper this year – and you can thank the turkey.
Turkey’s costs per pound fell to $1.25 in September, down 43 cents from a year earlier, according to the latest data available from the U.S. Department of Agriculture. Prices of some turkey products have also fallen, with boneless and skinless turkey breasts 61% cheaper in August 2023 than the same time last year, according to to the American Farm Bureau Federation.
The total cost of a typical Thanksgiving meal, including the usual fixings, is also modestly lower compared to 2022, when prices hit an all-time high. Dinner for 10 costs on average $61.17, the farm bureau said. That’s down from $64.05 last year, but up from $53.31 in 2021. Those numbers include the cost of typical side dishes such as cranberries, dinner rolls, green peas and sweet potatoes.
Turkey prices have fallen this year due to a sharp drop in bird flu cases, which reduced supplies last year, according to Federation Senior Economist Veronica Nigh. The “bird flu” outbreak decimated poultry populations across the United States, forcing farmers to slaughter millions of chickens and turkeys to contain the spread.
Turkey production has since rebounded and fewer birds are getting the flu, the USDA said earlier this month. In September, only 500 birds got bird flu, according to NerdWallet.
The prices of some Turkey products fell more dramatically, like men’s boneless and skinless turkey breasts, which were 61% cheaper in August 2023 than at the same time last year, according to AFBF.
Shoppers spent $2.8 billion more on food for Thanksgiving dinner last year than in an average week, according to to the market analysis company Circana. This year, most shoppers plan to spend between $100 and $200 on their Thanksgiving feast, according to for the consumer analysis company Numerator.
Even so, above-average inflation continues to affect grocery shopping. The price of fresh cranberries has increased by 20% compared to a year ago, while sweet potatoes are 4% higher, according to to an estimate by the Wells Fargo Agri-Food Institute. The price of russet potatoes has increased 14% and canned green beans have increased 9%,
“Prices for other categories are also up, so consumers will need to be aware of sales and shopping early,” Michael Swanson, Wells Fargo Chief Agricultural Economist said in the estimate.
