The average cost of a classic Thanksgiving feast to feed 10 is $65.04 this year, the Farm Bureau says, which is a $10.74, or 20%, increase over last year’s average $53.31 tab. That's not including alcohol or soft drinks.
In fact, the cost of buying a turkey and the trimmings to feed a family of 10 is the highest it’s been years, according to the latest American Farm Bureau Federation survey. The Farm Bureau’s 37th annual survey puts the average cost of a classic Thanksgiving feast at $65.04 this year, which is a $10.74, or 20%, increase over last year’s average $53.31 tab.
“General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner,” said AFBF chief economist Roger Cryan, in a statement. “Other contributing factors to the increased cost for the meal include supply-chain disruption and the war in Ukraine.”
The turkey is gobbling most of this year’s Thanksgiving budget, as usual. The Farm Bureau put a $28.96 price tag on a 16-pound gobbler, which is $1.81 a pound, or up 21% from last year. Indeed, wholesale turkey prices exceeded $1.80 a pound in October, up more than 40 cents a pound over last year, according to the Department of Agriculture, as avian influenza hurt turkey supply, and record-high feed prices contributed to the price increase.
Plus, some grocery chains like Walmart WMT, +0.36% and Aldi have been rolling back prices on Thanksgiving staples, or supermarkets like ShopRite and BJ’s Wholesale Club are giving away free turkeys to rewards members who spent a certain amount money in their stores.
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