This year's Thanksgiving banquet is expected to cost more than last year for cost-conscious shoppers who buy store-brand items, according to a report released Tuesday.
A meal for 10 people, consisting of turkey, stuffing, salad, cranberries, dinner rolls and pumpkin pie, would cost $73, an increase of 2.7% from last year, according to the analysis. Wells Fargo Agriculture and Food Research Institute Found it.
Meanwhile, the same meal using private label products cost just 0.5% less at $90, the study showed.
Prices for name-brand turkeys, which account for three out of four birds sold, fell 2%, while prices for store-brand turkeys rose 5%, the report said.
The Wells Fargo report said, “As food inflation was released from its grip, many name brand food companies tried to establish a new normal, but some price points appeared to be a little too high.” .
Bread products like dinner rolls and fan-favorite stuffing are some of the most hyped foods at Thanksgiving.
Prices for both name-brand and store-brand dinner rolls have increased 3% since last year, according to the report. Prices for bakery products across the board have increased by 28% since the pandemic, according to the report.
Overall, grocery store prices rose 1.3% year-over-year, according to . consumer price index.
“Planning a Thanksgiving budget may be difficult for consumers who are still getting used to historic food price increases,” the report said.
