This Thanksgiving, there’s a silver lining on the table: the cost of your feast is finally taking a breather. But here’s where it gets controversial—while some prices are down, not everything is a bargain, and the reasons why might surprise you.
For many families, the holiday season kicks off with a sigh of relief this year, as the price of turkey and stuffing has dropped compared to last year. Take Kayla Jenkins, for instance, who’s hosting 10 people for dinner. ‘Only 10,’ she jokes, ‘but as the oldest of eight siblings, I’m expected to have at least seven. At least.’ Kayla was pleasantly surprised by the prices at a Giant supermarket outside Washington D.C., noting, ‘It’s still inflation, but it’s not as bad as it was earlier.’
According to a survey by the American Farm Bureau Federation, the average cost of a Thanksgiving meal is about 5% lower this year, largely thanks to a 16% drop in the price of whole frozen turkeys. And this is the part most people miss—it’s not just about turkey. Falling wheat prices have also made stuffing, dinner rolls, and pie crust more affordable.
Food economist Michael Swanson of Wells Fargo explains, ‘We have a mega surplus of food in this country. We’ve just harvested the largest corn and soybean crop ever, which makes feeding turkeys cheaper.’ But it’s not all good news. Sweet potatoes, for example, are likely to cost more this year due to hurricane damage in North Carolina, a major producer. Fresh vegetable prices are also up, though cranberries are a bright spot with lower prices.
Here’s a thought-provoking question: Are store brands really the better deal, or are national brands fighting harder to stay competitive? Cynthia Pearson, another shopper at Giant, opted for store brands on some items, saying, ‘I can add my own touch to make it special.’ Yet, she’s mindful of stretching her savings, noting, ‘We’ll eat Thursday, Friday, and it should all be gone by Sunday. You can’t waste anything this year.’
While some prices have eased, they’re still higher than pre-pandemic levels. And let’s be thankful Thanksgiving isn’t centered around beef—prices there have jumped nearly 15% this year. As Swanson puts it, ‘A prime rib menu? That’s an expensive feast.’
So, as you gather around the table this year, take a moment to appreciate the small wins. But don’t forget to ask yourself: Are these lower prices a sign of things to come, or just a temporary reprieve in a volatile economy? Let us know your thoughts in the comments—we’d love to hear how you’re navigating this year’s holiday season.
