Inflation is causing a significant increase in the prices of essential Thanksgiving components this year.
Summary
Most Thanksgiving components cost more this year than last year. Red grapes are the only item that has seen a decrease in price at this time. You can save money on your Thanksgiving purchases by planning your meal in advance.
The Impact of Inflation on Thanksgiving Essentials Prices
As inflation continues to increase grocery bills, Thanksgiving staples like turkey and potatoes have become up to 17% more expensive compared to last year, according to The Balance’s analysis of the latest inflation data from the October Consumer Price Index.
Get ready to pay more for mashed potatoes – the latest data from the USDA indicates that the average prices for yellow, brown, white, and red potatoes have risen by 15.2% since 2021. Frozen turkey prices have also increased. According to the USDA, turkeys will cost about $1.58 per pound on average.
If you plan to skip turkey this year, it’s not the only meat that has seen price increases. The price of smoked meat has risen by 9.1% from last year and will cost you about $4.54 per pound, according to USDA data and the Consumer Price Index. If sweet corn is part of your Thanksgiving menu, it is also more expensive. Its price has increased by 12.2% from last year, to $0.51 per ear.
Whether you’re using pumpkin for pies or decoration or both, it is about 8% more expensive than last year, costing around $6.04 each on average for large individual pumpkins.
However, not all of your favorite Thanksgiving foods are more expensive. Red grapes cost an average of $2.54 for a 12-ounce bag, meaning that when adjusted for inflation, red grapes are actually 3.8% cheaper than last year. So you may want to consider purchasing more red grape jelly or trying other recipes that use red grapes.
Other Ways to Save Money on Thanksgiving Purchases
You can save more money on Thanksgiving purchases by planning your meal in advance so you can take advantage of deals and discounts, using coupons, buying store brand products, or scaling down the size of your Thanksgiving meal where you can. You might also consider asking everyone to bring a dish to Thanksgiving dinner so that you are not the only one paying for the entire meal.
High prices can be a challenge, especially for those facing food shortages. More than 25 million Americans say they “sometimes” or “often” do not get enough to eat, according to the U.S. Census Bureau, and food bank reports indicate an increase in visitors this year. If you need help, you may be able to get assistance from local food banks. You can visit the Feeding America website to learn more and find a local food bank or distribution center.
Study Methodology
All food prices were obtained from U.S. retail market data and are averages of the mid-range prices from all available reports from 02/09/22 to 04/11/22.
The relative change in prices for potatoes, turkey, and smoked meat was obtained from the October 2022 Consumer Price Index. The relative change in prices for sweet corn, pumpkin, and red grapes was calculated from the mid-range weighted averages of prices from 02/09/22 to 04/11/22 compared to the mid-range weighted averages adjusted for inflation from the same weeks in 2021.
Prices for red grapes are for a 12-ounce bag. Prices for boneless smoked meat and frozen turkey and prices for potatoes are per pound. The price for sweet corn is per ear. The price for pumpkins is for individual large pumpkins.
Research
The analysis is by Adrian Nesta. Adrian Nesta is a senior data reporter on the data journalism team at Dotdash, the digital publisher that owns and operates The Balance. His work includes collecting, cleaning, analyzing, and visualizing data for stories in the data journalism portfolio across Dotdash’s entire range.
Was this page helpful? Thank you for your feedback! Let us know why! Last
Sources: The Balance only uses high-quality sources, including peer-reviewed studies, to support the facts in our articles. Read our editorial process to learn more about how we verify facts and maintain the accuracy, reliability, and quality of our content.
U.S. Census Bureau. “Household Pulse Survey Week 49: September 14 – September 26”. See “Table 3. Modern Food Insecurity for Households”.
Source: https://www.thebalancemoney.com/turkey-and-potatoes-cost-17-percent-more-this-thanksgiving-6754479
Leave a Reply