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.
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.
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.
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.
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.
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