Thanksgiving centers around the table. But for the past few years, putting together a traditional Thanksgiving spread has proven more expensive with inflation. While trips to the grocery store are still costly, compared to last year the grand Thanksgiving feast is expected to be slightly cheaper.
According to the American Farm Bureau Federation, the cost of a classic Thanksgiving feast for 10 will actually be down 5% from last year. While this does mean families could spend less than they did last year, prices still remain high compared to pre-pandemic years.
The AFBF surveys the prices of 11 classic Thanksgiving products, including turkey, sweet potatoes, whole milk, pie shells and mixes, across all 50 states and Puerto Rico. According to an AFBF report, four of these items rose in price this year — dinner rolls, fresh cranberries, whipping cream and cubed stuffing.
Despite the year-over-year increase in cranberry prices, the AFBF notes the berries are still more affordable than historical averages. According to the report, this is the lowest price for cranberries since 1987 when adjusted for inflation. Just as the turkey is often seen as the centerpiece of the dinner table, the 16-pound turkey also takes up 44.2% of the 10-person feast cost.
Despite the decline from last year, the AFBF reports prices are up nearly 20% from five years ago. The decline in prices though is an indicator of inflation slowing. Joseph Haslag, a professor of economics at the University of Missouri, said food costs are roughly 2% higher in general than they were last year at this time. According to the Consumer Price Index, the food index increased 2.1% and the index for all items rose 2.6% in the past year ending in October.
If our dollar had the same purchasing power as someone in 1984, the AFBF highlighted that this year's Thanksgiving meal would be the least expensive in the 39-year history of the federation's survey, with the exception of 2020.
The AFBF found the national average cost of the classic Thanksgiving meal to be $58.08, compared to $61.17 last year. GOBankingRates, a personal finance publication, completed its own analysis of typical Thanksgiving items in each of the 50 states and compared prices. GOBankingRates found that the dinner in Missouri is estimated to cost $59.11, one of the most affordable states, according to their analysis.
How to save on Thanksgiving dinner
While setting the table may be cheaper than last year, it still carries a substantial cost.
One way to save is to opt for fewer name brand products. The Wells Fargo Agri-Food Institute found that a store brand menu to feed 10 will save $17 compared to the same menu of name brand products. Fresh cranberries are actually cheaper to buy name brand, but dinner rolls offer some of the largest possible savings by opting for store brands. When it comes to pumpkin pie, prices between store and name brand products were fairly similar.