Before you go pick up your turkey and fixings, beware that the average Thanksgiving dinner is going to cost about 13% more than last year’s.
An informal supermarket survey by the American Farm Bureau Federation showed that feeding ten people a Thanksgiving meal with all the fixings will cost $49.20 compared to $43.47 last year.
The More Costly Parts of Our Thanksgiving Feast
The main culprit is rising commodities prices (and if you’ve been subscribing to The Market, you learned last week what commodities are). Basically, a lot of our food staples such as corn, grains and meats are more expensive, partially due to a mix of bad weather and increased exports.
The biggest increase in cost comes from the turkey: A 16-pound turkey will be $21.57 this year compared to $17.66 last year.
Not everything on our plates is more expensive, though. Eggs, onions, sugar, flour, butter and coffee all declined in price this year.
But when you add in the cranberries, pumpkin pie mix, pie shells, whipping cream, peas, stuffing, rolls, sweet potatoes and whole milk (all of which went up in price this year), the overall grocery bill comes out bigger.
The Big Picture: Thanksgiving Still a Great Deal
But before you gripe that this hit to our wallet leaves one less thing to be thankful for, just remember these three upsides: First, food prices have remained stable when adjusted for inflation.
Second, our $49 won’t only feed us for one night: The AFBF menu will also leave plenty for leftovers.
Third, this feast that you share with your friends and family still ends up being less than $5 per person. That in itself is a lot to be thankful for.