Thanksgiving dinner costs projected to be down for 2023. How much and why?

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Good news. Thanksgiving dinner should be cheaper than last year. Food prices have been doing a little dance lately, with the cost of home-cooked meals up by 2.1% year-over-year in October per the consumer price index.

However, this Thanksgiving, your wallet can breathe a slight sigh of relief. This reduction is mainly thanks to turkey prices taking a dip. According to the American Farm Bureau Federation, the average cost of feeding 10 people this holiday feast will be $61.17, down 4.5% from last year’s record-breaking $64.05. However, it’s still up 25% from 2019.

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Almost every dish on the Thanksgiving menu is down. Cranberries, for instance, have taken an 18% price plunge. But the real hero in this price-cutting saga is the turkey. This year, a 16-pound turkey is $27.35, 5.6% cheaper than last year.

Why the sudden drop in turkey prices, you ask? It’s a classic case of supply trumping demand.

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Last year, avian influenza wreaked havoc, causing a loss of six to seven million turkeys. This year, anticipating potential flu trouble, many turkey farms ramped up production resulting in a surplus of turkeys.

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How Much will Hoosiers Pay for Thanksgiving Dinner?

According to a news release from the American Farm Bureau Federation, Indiana shoppers are expected to pay an average of $54.64 for a Thanksgiving dinner for 10 people in 2023. That’s a 10% decrease from 2022’s projections. However, officials project this year’s price is 28% more than it was four years ago, citing the ongoing impact of food inflation.

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Officials said the main cause of the projected decrease in Indiana is linked to the lower cost of turkey, a decrease of about 21% from 2022.