American families will have an unwelcome guest at the dinner table this Thanksgiving: inflation.
A Thanksgiving meal for 10 will cost $64.05, a 20 percent increase from last year’s average of $53.31, the American Farm Bureau reports.
The centerpiece on most Thanksgiving tables – the turkey – is a big driver of the increase. According to the Farm Bureau,the average price per pound is up 21 percent from last year.
“General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner,” said Farm Bureau Chief Economist Roger Cryan.
The consumer price index for food consumed at home is up 12.4 percent compared with a year ago. The broad index of consumer prices is up 7.7 percent over the last 12 months.
The Farm Bureau’s survey of prices show:
- 16-pound turkey: $28.96 or $1.81 per pound (up 21%)
- 14-ounce bag of cubed stuffing mix: $3.88 (up 69%)
- 2 frozen pie crusts: $3.68 (up 26%)
- Half pint of whipping cream: $2.24 (up 26%)
- 1 pound of frozen peas: $1.90 (up 23%)
- 1 dozen dinner rolls: $3.73 (up 22%)
- Misc. ingredients to prepare the meal: $4.13 (up 20%)
- 30-ounce can of pumpkin pie mix: $4.28 (up 18%)
- 1 gallon of whole milk: $3.84 (up 16%)
- 3 pounds of sweet potatoes: $3.96 (up 11%)
- 1-pound veggie tray (carrots & celery): 88 cents (up 8%)
One of the core categories is down in price. A 12-ounce bag of fresh cranberries is just $2.57, down 14 percent from a year ago.