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Price Hikes: Thanksgiving Dinner Costs Increase by 6% in 2023

 |  November 22, 2023

In a recent report by the New York State Farm Bureau, the cost of a typical Thanksgiving dinner has seen a 6% increase since last year, with the average price now standing at $70.70. The survey, conducted by volunteer shoppers, revealed that the rise in prices is notably lower compared to the sharp 26% increase observed from 2021 to 2022.

The survey encompassed various essential Thanksgiving items, with a focus on a 16-pound turkey and other commonly consumed foods. According to the findings, the average price of turkeys at the beginning of November was $2.12 per pound, representing a 23-cent increase from the previous year.

Steve Ammerman, Director of Communications at the New York Farm Bureau, acknowledged the rise but emphasized that it is a more moderate increase compared to the previous year. “While there is still inflation, it is not as high and is not rising as fast or severely,” Ammerman stated.

Several specific items experienced price hikes, including pumpkin pie mix and frozen peas, while others, such as whipped cream and fresh cranberries, saw decreases in cost. Ammerman suggested that consumers could potentially mitigate the impact on their wallets by taking advantage of discounts and coupons offered by grocery store apps and considering store brands over name brands.

Farmers, who receive only 14% of the final retail price for food, are also grappling with inflation. Ammerman highlighted the survey’s role in shedding light on the economic landscape, both for consumers and farmers, providing insights into the challenges faced by the agricultural sector.

Ammerman advised consumers to be proactive in their approach, suggesting the use of technology to compare prices across different stores. He also noted that frozen foods might be a more economical option than fresh ones. As for the positive side, Ammerman mentioned the slight relief provided by decreasing energy costs, a significant factor in food production.

While it remains uncertain if inflation will become a recurring trend for Thanksgiving dinner items, Ammerman reassured that this year’s increase is comparatively modest. “We can take solace in the fact that it is a decrease from last year. Energy is a big part of food production, and gas prices are going down, so as the energy costs decrease, that should ease some of the pressure,” he explained.

Ammerman concluded by expressing gratitude to farmers for their crucial role in providing the nation with Thanksgiving sustenance. “Farmers are why we get to have food on the table. We appreciate the work they do and are very thankful for them,” he said. As Americans prepare for their Thanksgiving feasts, the survey serves as a reminder to stay informed and make savvy choices in navigating the current economic landscape.

Source: Observer Today