Be sure to be extra thankful for your plate of food this Thursday—the meal likely cost its preparer a pretty penny.
Findings from a recent AFBF (America’s Farm Bureau Federation) survey show that a typical dinner is costing families 20% more than years past. Specifically, a typical feast for 10 people will cost $64.05, or a little less than $6.50 per a person. Last year, it cost about $53.31, or around $5.33 per guest.
“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 AFBF Chief Economist Roger Cryan in a news release. General inflation has been running 7% to 9% in recent months, while the most recent Consumer Price Index report for food consumed at home reveals a 12% increase over the past year.
Rising grocery prices have been a growing concern as essentials like dairy, meat and bread continue to climb. In October, the outlet Morning Consult reported shoppers’ concerns about the cost of dairy skyrocketed the most, up 10 percentage points, alongside 15.9% price growth in the category.
“Other contributing factors to the increased cost for the meal include supply chain disruptions and the war in Ukraine,” Cryan said. “The higher retail turkey cost at the grocery store can also be attributed to a slightly smaller flock this year, increased feed costs and lighter processing weights.” Cryan said the supply of whole turkeys available to consumers should be adequate this year, although there may be temporary, regional shortages in some states where avian influenza was detected earlier this year.
“Farmers are working hard to meet growing demands for food – both here in the U.S. and globally – while facing rising prices for fuel, fertilizer and other inputs,” said Cryan.
Despite this growing concern, grocery store sales are not slowing down. According to Supermarket News, numbers sat at $672.87 billion in May, up 8.1% from last May’s $587.89 billion. So, in all, it looks like families are still willing to shell out major cash for a good meal.
