by Kim Souza (ksouza@talkbusiness.net)
Families celebrating Thanksgiving with a traditional turkey dinner could pay about 5% less than a year ago, with the cost averaging $58.50 for a group of 10. The 2024 estimated cost is below the $61.17 in 2023, according to the American Farm Bureau Federation (AFBF).
A Thanksgiving meal is still 19% more expensive than in 2019 as food inflation has remained sticky since the pandemic. Turkey prices are cheaper this year with supply outpacing demand. The average price for a 16-pound turkey is $25.67, about 6% cheaper than a year ago. Several retailers discounted turkey prices since the survey was completed the first week of November.
“The turkey is traditionally the main attraction on the Thanksgiving table and is typically the most expensive part of the meal,” said AFBF Economist Bernt Nelson. “The American turkey flock is the smallest it’s been since 1985 because of avian influenza, but overall demand has also fallen, resulting in lower prices at the grocery store for families planning a holiday meal.”
