Every year, volunteer shoppers from the American Farm Bureau Federation help determine the average cost of feeding ten people for a Thanksgiving meal. Faith Parum, an economist with AFBF, said consumers should expect some slight relief at the grocery store.
“According to our volunteer shoppers, the average cost of Thanksgiving for ten people is about $55.18. That’s about $5.52 a person. This is a decrease of more than five percent from last year, and marks the third-straight year of declines. But it’s really important to note that these declines don’t erase the dramatic increases that led to that record high in 2022.”
She said the basket of goods showed mixed results on price increases versus decreases.
“So, we saw some increases in five of our 12 items, and that was really largely driven because of produce prices. Produce prices are typically highly volatile, and so we saw fresh produce like sweet potatoes and veggie trays increase. Half of our ingredients this year did decrease, the biggest one being turkey. So, turkey is down 16 percent, and that’s largely because the price of a frozen bird has fallen.”
Parum said food prices often reflect changes in the broader farm economy.
“On one end, it’s due to commodity prices that get paid to our farmers. So, for example, wheat prices were pretty low this year, so we see decreases in things like bread and stuffing. On the other end, fresh produce prices have dealt with labor struggles. They have seen increases in transportation costs. All of that increases the price of those goods.”
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