Thanksgiving Will Be Easier On Your Wallet This Year!
Audio version available here (1 min. 50 sec.)
We have good news for this year’s Thanksgiving! This Thanksgiving 2024, families can breathe a little easier at the grocery store as the cost of a traditional Thanksgiving dinner has dropped significantly from 2023. Inflation has driven up the cost of your grocery bill for long enough, so staple Thanksgiving foods decreasing in price is a welcome relief.
According to the American Farm Bureau Federation (AFBF), the average cost of a holiday meal for ten people in 2024 is $58.08, a 5% decrease from last year. Unfortunately, despite this drop in overall cost from 2023, prices remain 19% higher than before the pandemic.
Luckily, the turkey, the centerpiece of the meal for most American households, played a big role in the price dip. A 16-pound turkey now costs $25.67 on average, which is 6% less than last year. Despite avian influenza reducing turkey flocks to their smallest sizes since 1985, decreased demand has led to thankfully more affordable prices.
Many other staples and ingredients are also more budget-friendly this year. Whole milk saw a dramatic 14% drop to $3.21 per gallon, thanks to favorable weather benefiting dairy farmers. Frozen peas fell 8.1%, and celery and carrots dropped by 6.4%.
However, not every item on the Thanksgiving menu is cheaper. Prepared dishes like cubed stuffing and dinner rolls saw price increases of 8%, which are largely driven by rising labor costs. And a Thanksgiving classic—cranberries—experienced the steepest hike, up nearly 12%, reaching $2.35 per bag. However, this is closer to historical norms as last year’s prices experienced an unusual dip.
While this year’s modest savings are a relief, we all continue to feel the pinch of overall high inflation. Grocery prices have surged 22% since January 2021. Despite recent improvements, prices are not expected to return to pre-pandemic levels anytime soon. However, with a new administration on its way, the American public hopes for prices to be driven down by next year’s Thanksgiving.
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