Thankgiving dinner costs down 5% compared to last year
COLUMBIA, Mo. (KMIZ)
A study by the American Farm Bureau Federation found that grocery bills for this year's Thanksgiving are down 5% from last year, giving relief to some consumers.
While current prices are still 19% higher than five years ago, this is the second year in a row shoppers will see a dip in food costs. This year, the average price of a Thanksgiving meal for 10 in the Midwest is $58.90.
Of the typical Thanksgiving feast, the study found seven food items dropped in price:
- Turkey
- Sweet potatoes
- Frozen peas
- Carrots and celery
- Pumpkin pie mix
- Pie crusts
- Whole milk
The study also found four items that have risen in price:
- Dinner rolls
- Fresh cranberries
- Whipping cream
- Cubed stuffing
In a more detailed breakdown of specific products, the AFBF found that turkey prices have decreased by 6% due to low demand. Milk prices have lowered by 14% thanks to good weather conditions for milk production.
Fresh cranberries have increased by 12% due to nonfood inflation and labor shortages. Dinner rolls and cubed stuffing have increased by 8%.
Regionally, the Midwest ranks second in the highest Thanksgiving bill, falling behind the West, but being more pricey than the Northeast and South.
For producers, farmers are equally seeing the effects of inflation along with a rise in production costs. According to the study, the USDA projects national net farm income will fall by $6.5 billion in 2024 with farmers making an average of 15.9 cents to a consumer's dollar.
Farmers are also seeing environmental challenges with poor growing weather, natural disasters and biological threats like bird flu causing a 6% decrease in turkeys raised this year.
To support local farmers, the Columbia Farmers Market recommends shopping locally and ordering directly from farmers. The group will host their annual Thanksgiving Market on Nov. 26 for the holiday season.
