"Notably, however, in this age of food price inflation, it is down from last year and the year before. The 2023 figure was $61.17. Last year, it was $58.08. The food in the calculation includes local prices for turkey, cubed stuffing, sweet potatoes, dinner rolls, frozen peas, fresh cranberries, celery, carrots, pumpkin pie mix and crusts, whipping cream, and whole milk, the FB reports."
"Turkey has accounted for the largest share of the dinner expense at 43%. This year, that has dropped to 39%. That is the lowest level since 2000. "This drop in turkey's cost impact comes from both falling turkey prices and rising costs of sides," the researchers wrote. Hidden from most people are the reasons that prices go up and down. One is the supply of each item, which changes each year. The other is last-minute changes in transportation."
Eighty-two million people will travel more than 50 miles over the Thanksgiving weekend. Inflation remains above the Federal Reserve's 2% target, with food prices a major component. Many consumers report rising food costs despite political claims of declines. The American Farm Bureau Federation's 40th annual Thanksgiving dinner survey found a ten-person meal costs $55.18, down 5% from last year but higher than four years ago. The cost calculation includes turkey and common side items. Turkey's share of the meal fell to 39%, the lowest since 2000, because turkey prices fell while side costs rose. Supply changes and transportation disruptions drive price fluctuations. Thanksgiving will not add to food costs this year.
Read at 24/7 Wall St.
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