New inflation survey: The cost of your Thanksgiving dinner will rise 20%
Gobble down this: the cost of Thanksgiving dinner is up 20% from a year ago.
So says an annual survey from the AFBF (America's Farm Bureau Federation). The bottom line: a typical turkey-day feast for 10 people will cost $64.05, or a little less than $6.50 per a person. That's compared to 2021, when it averaged $53.31, or around $5.33 per guest.
The culprits? Just about everything except, it turns out, fresh cranberries.
AFBF tracked typical items found on a Thanksgiving table, including turkey, rolls, vegetables, cranberries, sweet potatoes, stuffing and pumpkin pie. The folks at the bureau used “volunteer shoppers,” who checked prices between October 18 to October 31.
Let's start with the star of the show, the turkey.
The average price of a 16-pound bird now costs $28.96, up 4.97% from $23.99 last year. Stuffing was next in line, rising 1.59%. Pie shells are up 0.77%, with a price tag of $3.68 for a 2-pack, followed by miscellaneous ingredients ($4.13) and a 12-pack of rolls ($3.73), both up 0.68%.
Meanwhile, pumpkin pie mix saw the next highest jump, up 0.64%, costing consumers $4.28 for a 30-oz. box. Of course, pie isn't complete without a glass of milk and whipped cream. Sorry to say, there's no relief there. A gallon of milk is up 0.54%, to $3.84, compared to last year at this time. A half pint of whipped cream rose 0.46% to $2.24.
And, sorry sweet potato fans, you'll have to pony up 0.40% more for three pounds.
In a press release, AFBF Chief Economist Roger Cryan said, addition to general inflation, other factors are at work such as supply chain disruptions, the war in Ukraine and a smaller turkey flock. On top of all that, farmers are up against, among other things, rising prices for fuel and fertilizer.
Now for some good news. If you're looking for a small slice of savings, the price of fresh cranberries actually cost consumers less—the only product to decline in the survey. In 2021, a 12-oz pack of the fresh berries cost consumers $2.98.This year: $2.57. The Farm Bureau also said that consumers may get some relief when grocery store chains begin "featuring whole frozen turkeys at sharply lower prices."
Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.
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