Thanksgiving will still cost 20% more than five years ago

While you can be grateful your Thanksgiving meal will cost less than last year, it still reflects a whopping increase since just a few years ago.

The American Farm Bureau Federation released its 39th annual Thanksgiving dinner survey finding that the groceries needed for a standard holiday meal to feed 10 will cost $58.08 this year, down 5 percent from last year. But the grocery receipt remains 20 percent higher than pre-pandemic levels under Donald Trump just five years ago.

“Consumers are exhausted from years of inflation, and it will take more than the past two years’ improvements to ease the pain,” the Farm Bureau’s report concluded.

In its regional breakdown, the survey found that people in western states will face an even greater cost ($67.05) for the same number of guests, followed by the Midwest ($58.90); Northeast ($57.36); and the South ($56.81).

As prices dropped over the past year, farmers raised 6 percent fewer turkeys in 2024, the lowest number since 1985, according to the Farm Bureau. But the lower supply was offset by decreased demand from consumers, the survey found. The Department of Agriculture says the per capita annual demand for turkey is down to 13.9 pounds per person, a decrease of one pound since the 2023 survey. On average, turkey historically has represented about 43 percent of the cost for a Thanksgiving meal. This year’s 44.2 percent number is on par with recent trends for a 16-pound bird.

Consumers aren’t the only ones who have suffered during a volatile economic environment. National net farm income will fall by $6.4 billion this year, according to the USDA.

“The long road to reduced inflation has exhausted many Americans, including farm families, who have been squeezed between falling prices for their output and higher prices for their inputs,” the Farm Bureau reported. “While consumers are getting some much-needed relief after years of elevated retail prices, these grocery bills also reflect some hard conversations around the dinner table for farm and ranch families.”

–Alan Goforth | Metro Voice