The cost of traditional Thanksgiving dinner foods for American families dropped moderately this year, though it is still up nearly 20% from just five years ago, according to an annual survey the American Farm Bureau Federation (AFBF) released Wednesday.
The survey, which totals up costs of staple Thanksgiving dinner items such as turkey, ham and pies, found that a typical meal for ten people will cost Americans $58.08, down 5% from $61.17 last year, according to AFBF. However, this is still 19% higher than five years ago.
Although costs associated with Thanksgiving meals dipped this year and in 2023, prices have still been significantly higher under the Biden-Harris administration than under the Trump administration. The average Thanksgiving dinner cost American families $48.90 in 2018, and $48.91 in 2019, according to AFBF.
The majority of consumers’ paychecks will likely be spent on the turkey, as a 16-pound turkey will account for 44.2% of the cost of a typical Thanksgiving meal this year, according to the survey. A 16-pound turkey will cost $25.57 this year, while a half a pint of whipping cream will cost $1.21 and a gallon of whole milk will cost $3.21.
Processed foods had the largest cost increase this year, in part due to inflation and labor shortages driving up food supply chain costs, AFBF found. Cubed stuffing and dinner roll prices both increased more than 8% from last year, with cubed stuffing at $4.08 per 14 ounces and a dozen dinner rolls costing $4.16.
The next-largest price increase is fresh cranberries, which rose 12% to $2.35 per 12 ounces, according to the survey. Despite the year-over-year price increase, this year marks the lowest price for cranberries since 1987.
Prices have increased significantly since President Joe Biden took office in 2021, with inflation peaking at 9% in June 2022. The overall cost of living in the U.S. has increased by 20% since 2021, according to Yahoo Finance. Mortgage rates have increased under the Biden-Harris administration, with 30-year mortgage average rates in the U.S. hitting 6.78% as of Nov. 14, compared to 2.79% on Jan. 14, 2021, according to Federal Reserve Economic Data. The economy ranked as the most important issue for voters in the 2024 presidential election.
Many Americans saw increased costs for Halloween-related goods this year, including certain Halloween candies and costumes. Inflation ticked down slightly in October, despite a slowdown in the job market.
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