Inflation-weary consumers should see the cost of their classic Thanksgiving dinner gobble less of their paychecks this year, largely because Americans are buying less of the meal's centerpiece dish, turkey.
The price tag of the traditional holiday meal, which also includes cranberries, sweet potatoes and stuffing, has dropped for a second consecutive year, according to the American Farm Bureau Federation's annual survey released Wednesday.
COST 19% HIGHER THAN 2020
Still, the meal's price tag will cost families about 19% more than pre-pandemic times, the Farm Bureau said. Frustration over high prices was seen as a major factor in Donald Trump's presidential election victory over Kamala Harris, but the Farm Bureau data suggests some of the worst inflation has abated. Food prices, overall, are 23% higher than at the start of the Biden-Harris administration.
For this year, at least, cooks can thank the bird. Turkey prices dropped 6% on cooling demand as some consumers opted to add beef and pork to the menu, the Farm Bureau and market analysts said.
"We are seeing modest improvements in the cost of a Thanksgiving dinner for a second year, but America's families, including farm families, are still being hurt by high inflation," said Farm Bureau President Zippy Duvall.
The average cost for a 10-person meal came to $58.08, down from $61.17 last year and a record $64.05 in 2022, Farm Bureau data showed. The price of a turkey, which represents the bulk of the bill, fell even as supplies dropped 6% in 2024 partly because of a bird-flu outbreak. Turkey demand of 13.9 pounds per person in 2024 is down nearly a pound from 2023, according to the U.S. Agriculture Department.
Like most grocery items, turkey prices rose alongside overall inflation in recent years, which may have spooked consumers in 2024, said Ashley Kohls, the Minnesota Turkey Growers Association's executive director.
"We're working on bringing folks back to purchasing turkey after a number of years of having elevated prices at the grocery store," said Kohls. Indiana turkey farmer Greg Gunthorp said his customers appear to have plenty of supply to meet consumer demand this year. There have been far fewer frantic calls from buyers scrambling to restock, he said.
TURKEY, BRISKET & HAM
"We've had those outlier years when there just aren't enough turkeys to go around and our phones are just ringing off the hook. This is definitely not one of those years," Gunthorp said.
"I think lots of people are adding items to the menu in addition to the turkey, things like brisket and ham."
The Farm Bureau survey found that the price of other ingredients in the Thanksgiving meal also fell, including the cost of fresh vegetables and whole milk, although the price of processed ingredients, such as dinner rolls and cubed stuffing, increased.
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