ORLANDO, Fla. – Thanksgiving is right around the corner, and many families are already feeling the pinch at the grocery store. From turkey to pie, experts say the cost of putting a holiday meal on the table has climbed steadily over the past few years.
Turkey fresh from the oven, creamy mashed potatoes, buttery rolls, sweet cranberry sauce, green bean casserole, and pumpkin pie piled high with whipped cream. Everything that makes Thanksgiving unforgettable!
The American Farm Bureau Federation, which tracks the cost of a classic meal for ten, reports that the average dinner cost $48.91 a few years ago.
And now, early estimates for this year predict totals expected to land between $63 and $65. So will you change your feast to cut costs?
Farm Bureau economists say higher feed prices for turkeys and other livestock are a major factor. Those animals depend on corn and soybean feed, and global grain prices remain elevated because of Midwest droughts and the ongoing conflict in the Ukraine, which has disrupted fertilizer exports. Add in global grain shortages, higher fuel and fertilizer costs, and lingering supply-chain bottlenecks. There are other drivers too, rising transportation expenses, labor shortages in processing plants and trucking, and continued inflation in dairy and baked goods. Even holiday staples show the strain, pumpkin pie mix is up nearly 12 percent compared with five years ago.
Experts say buying a frozen bird two to three weeks early and price-tracking apps like Flipp can alert you to the lowest turkey prices in real time. Using store loyalty apps, and swapping name brands for generics can help stretch your budget without sacrificing the feast.
Economists say food prices may remain elevated through the holidays, so planning ahead, comparing store ads, and stocking up early are the best ways to keep your Thanksgiving table full without emptying your wallet.
Contributors to this news report include: Marsha Lewis, Producer; Bob Walko, Editor.