Current:Home > InvestHere's what will cost you more — and less — for the big Thanksgiving feast -FutureFinance
Here's what will cost you more — and less — for the big Thanksgiving feast
View
Date:2025-04-27 20:22:40
As friends and families gather around the dinner table later this week, some will be giving thanks for lower inflation.
Grocery prices are still high, but they're not climbing as fast as they had been. And the cost of a traditional Thanksgiving feast has actually come down a little bit from last year.
The American Farm Bureau Federation estimates the total cost of a Thanksgiving meal for 10 this year is $61.16. That's 4.5% lower than last year, but still the second highest total since the Farm Bureau began tracking prices in 1986.
Here's a look at some of the traditional favorites that will cost more — and less — for Thursday's feast.
Turkey prices have indeed fallen
Turkey, of course, is the at the center of many Thanksgiving traditions — and there's good news: Prices have fallen.
"There's a lot of turkey available right now," says Michael Swanson, an agricultural economist at Wells Fargo. "They just have to price it down to move it."
The average price of a 16 pound turkey in early November was $27.35, according to the Farm Bureau — a drop of 5.6% from a year ago.
Many stores offer additional discounts on turkey in the days leading up to Thanksgiving.
Cranberries are cheaper — but only if they are fresh
Turkey is not the only relative bargain on the Thanksgiving menu.
Fresh cranberry prices have dropped dramatically this year, thanks to a bumper crop. But people who prefer canned cranberries — the kind where you can still see the ridges of the can even when it's on the plate — may have to pay more — as a result of higher processing and packaging costs.
"The entire canned market is up, whether you're talking about beans or cranberries or pumpkins," Swanson says. "Can prices really shot up."
The price of canned goods could go even higher next year, if the Biden administration slaps new tariffs on imported steel used in making cans.
"We've been pleased that the Department of Commerce has held off on those tariffs for the most part," says David Chavern, CEO of the Consumer Brands Association. "But there's going to be a final determination at the beginning of 2024 that we're watching very closely."
But groceries are still expensive
Some of the money shoppers save on turkey this year may get gobbled up elsewhere.
Sweet potato prices are slightly higher than last year. And pumpkin pie filling is also more expensive.
Grocery prices overall have risen 2.1% in the last 12 months, according to the Labor Department, following an increase of 12.4% in the previous year.
"That's the cost of living," said Angelina Murray, standing outside a supermarket in Washington, D.C., a few days before Thanksgiving. "Nothing we can do until prices come down. We're just going to have to deal."
Then again, some things are still worth paying for
Some shoppers told NPR they are cutting corners in preparing for Thursday's meal — opting for store-branded products, for example, instead of more expensive national brands.
But most said Thanksgiving is a time for counting blessings, not hunting for bargains.
Carrie Murray was pleasantly surprised to find some discounts in the produce department, even if she had to pay more for staples such as olive oil.
"Things that are expensive —it's the stuff that has been expensive for a while," Murray said, loading groceries into the back of her car with Colton Parker.
"Looking at the receipt you say, 'Oh wow,'" Parker agreed. "But you know, it's for families. It's for the holidays."
veryGood! (6574)
Related
- Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
- Prosecutors vow to seek justice for Maria Muñoz after Texas wife's suspicious death
- Prince Harry wins phone hacking lawsuit against British tabloid publisher, awarded 140,000 pounds
- Anthony Anderson set to host strike-delayed Emmys ceremony on Fox
- Former Danish minister for Greenland discusses Trump's push to acquire island
- Chargers fire head coach Brandon Staley, GM Tom Telesco. Who is interim coach?
- Santa saves Iowa nativity scene from removal over constitutional concerns
- Greta Gerwig named 2024 Cannes Film Festival jury president, first American female director in job
- Paige Bueckers vs. Hannah Hidalgo highlights women's basketball games to watch
- Horoscopes Today, December 15, 2023
Ranking
- Trump's 'stop
- Moldova and Georgia celebrate as their aspirations for EU membership take crucial steps forward
- UK police say they’re ‘overjoyed’ that British teen missing for 6 years has been found in France
- Denmark widens terror investigation that coincides with arrests of alleged Hamas members in Germany
- 'Kraven the Hunter' spoilers! Let's dig into that twisty ending, supervillain reveal
- World's biggest iceberg, A23a, weighs in at almost 1 trillion tons, scientists say, citing new data
- Chile arrests 55 people in a $275 million tax fraud case that officials call the country’s biggest
- Proposing? Here's how much a lab-grown equivalent to a natural diamond costs — and why.
Recommendation
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Hi Hi!
Prince Harry wins phone hacking lawsuit against British tabloid publisher, awarded 140,000 pounds
Prosecutors vow to seek justice for Maria Muñoz after Texas wife's suspicious death
‘Militia enthusiast’ gets over 4 years in prison for attacking police with baton during Jan. 6 riot
Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
No room at the inn? As holidays approach, migrants face eviction from New York City shelters
Prince Harry Speaks Out After Momentous Win in Phone Hacking Case
Hawaii governor wants 3,000 vacation rentals converted to housing for Maui wildfire survivors