Give thanks for the discounts: the feast will cost a little less this year

"Grocery prices soared during the pandemic and the years that followed. And they're still climbing faster than many people would like up 2.7% for the 12 months ending in September. But a survey by the American Farm Bureau Federation found the average price of food for a Thanksgiving feast is about 5% lower this year than last, largely thanks to a steep drop in the price of turkey."

""What that tells us is that we have a mega surplus of food in this country," says food economist Michael Swanson of Wells Fargo. "We're just done harvesting the largest corn and soybean crop ever." Low grain prices make it cheaper to feed turkeys. Wells Fargo's own forecast of Thanksgiving food prices also highlighted savings this year, although not as large as those in the Farm Bureau survey."

Thanksgiving food costs declined compared with last year, largely due to a significant drop in turkey prices. Whole frozen turkey prices fell about 16%, contributing to an overall roughly 5% lower average cost for a Thanksgiving feast in a recent Farm Bureau survey. Grocery inflation remains elevated — up 2.7% year over year through September — but abundant corn and soybean harvests have created a surplus that pushed grain prices lower. Lower grain prices reduced turkey feed costs, easing retail turkey prices. Major grocery chains often lock wholesale prices and offer steep turkey discounts to attract shoppers.

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