Here’s How Much Inflation Will Increase Your Thanksgiving Budget – TheStreet

Here’s How Much Inflation Will Increase Your Thanksgiving Budget – TheStreet

Thanksgiving is a time to reflect and give thanks. But this year, no one will be grateful for inflation.

Having everyone over for Thanksgiving is going to cost more than usual next week, as the American Farm Bureau Federation’s 36th annual survey shows that this year’s average cost of a Thanksgiving dinner for 10 people will be $53.31, or about $6 per person, which is a 14% increase from last year’s average of $46.90.

The Farm Bureau, which has been collecting Thanksgiving dinner information since 1986, gathered their data by sending volunteer shoppers to survey grocery store prices between Oct. 26 to Nov. 8.

From that effort, 218 surveys were completed, using information from all 50 states and Puerto Rico, as well as from grocery apps and websites.

The information was based on the best advertised prices, and coupons and other promotions were not factored in.

The cost of a classic, 16-pound Thanksgiving turkey now sits at $23.99, which is about $1.50 per pound, an increase of 24% from last year.

But vegetarians shouldn’t get too cocky about their budget, as the Farm Bureau found that even when turkey was taken out of the equation, there was still a 6.6% price increase compared to last year. 

They based that number on a survey of Thanksgiving standbys including turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, coffee and milk.

The reasons for the rise in cost are by now frustratingly familiar to consumers.

There’s the disruptions in the supply chain owing to the ongoing COVID-19 pandemic, which has hit the livestock and meat industry particularly hard. 

But while supply has tightened, demand for big birds and other items has increased, thanks to the increasing trend of people shopping at supermarkets and cooking at home, another by-product of last year’s imposed isolation.

If you are trying to figure out what you might need to leave on the shelf this turkey day (or what you might insist that your brother-in-law brings instead of you having to buy everything yourself), here’s the Farm Bureau’s breakdown of popular Thanksgiving staples:

  • 16-pound turkey: $23.99 or approximately $1.50 per pound (up 24%)
  • 2 frozen pie crusts: $2.91 (up 20%)
  • 30-ounce can of pumpkin pie mix: $3.64 (up 7%)
  • Half pint of whipping cream: $1.78 (up 2%)
  • 1 dozen dinner rolls: $3.05 (up 15%)
  • 12-ounce bag of fresh cranberries: $2.98 (up 11%)
  • 1 gallon of whole milk: $3.30 (up 7%)
  • 1 pound of frozen peas: $1.54 (up 6%)
  • 3 pounds of sweet potatoes: $3.56 (up 4%)
  • 1-pound veggie tray (carrots & celery): 82 cents (up 12%)
  • Misc. ingredients to prepare the meal: $3.45 (up 12%)
  • 14-ounce bag of cubed stuffing mix: $2.29 (down 19%)


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