The American Farm Bureau Federation's (AFBF) 2023 Thanksgiving Dinner cost survey has brought some good news for those planning their holiday meals. Senior economist Veronica Nigh notes a welcome change in food prices, with this year's Thanksgiving dinner costing about 5% less than in 2022.
This year, families can expect to spend an average of $61.17 on their Thanksgiving meal, a slight decrease in cost amidst ongoing concerns over inflation. While this represents a reduction from last year, it's still a 25% increase from pre-pandemic levels in 2019.
The survey also highlights significant regional cost variations. The Midwest offers the most budget-friendly Thanksgiving meals at $58.66, while the Northeast ranks as the most expensive at $64.38. These differences reflect the diverse economic landscapes across the United States.
A key factor in the reduced cost of Thanksgiving meals this year is the decline in turkey prices, which have fallen by almost 6% compared to 2022. This decrease is largely due to the successful containment of the high path avian influenza, which had severely impacted turkey populations last year.
The AFBF's findings are significant as they indicate a directional shift in food prices during a crucial holiday season. The decrease in turkey prices is particularly noteworthy, offering some relief to consumers amidst a challenging economic climate. As families across America prepare for their Thanksgiving celebrations, this survey offers a snapshot of the current state of food prices and the factors influencing them.
Source : wisconsinagconnection