Thanksgiving Dinner Costs Expected to Drop Again

According to a recent survey by the American Farm Bureau Federation (AFBF), prices for traditional Thanksgiving dinner items are expected to decline slightly this year, marking the third consecutive year of reductions.

The average cost for a Thanksgiving meal in 2023 is estimated at $55.18 for a gathering of ten, which breaks down to about $5.52 per person. This represents a 5% decrease from last year’s average, as noted in the AFBF’s survey.

Faith Palm, an economist at AFBF, commented, “Turkey is usually the most expensive part of the meal, so it’s good to see some price relief. While farmers are still recovering from losses due to avian influenza affecting turkey flocks, overall demand has also dipped. This may help keep turkey affordable for families this Thanksgiving.”

This year, a 16-pound frozen turkey is expected to cost about $21.50, equating to $1.34 per pound—a decline of more than 16% from last year.

Additional costs outlined in the report include: a 14-ounce cube of stuffing mix priced at $3.71, two sheets of frozen pie crust costing $3.37, and whipped cream at around $1.87. Dinner rolls are estimated at $3.56 for a dozen, while a 30-ounce can of pumpkin pie mix is about $4.16, with a gallon of whole milk costing $3.73. Sweet potatoes are priced at $4.00 per pound, and fresh cranberries are expected to cost $2.28 for a 12-ounce bag.

AFBF President Zippy Duvall expressed gratitude for the abundance of food in the country but also raised concerns. “Even with the slight dip in Thanksgiving meal costs, food prices remain a significant issue for many families, particularly in rural areas. Various factors have led to the loss of 15,000 farms last year, leading to greater consolidation and dependence on foreign food sources,” he stated.

Duvall urged Congress to address the difficult economic conditions facing farmers to ensure the continued availability of food throughout the year, not just during the holiday season.

In a related note, the national average for gasoline prices on Thanksgiving is anticipated to be around $3.02 per gallon, marking one of the lowest holiday averages since 2021. Additionally, Americans are expected to spend about $242 billion on holiday gifts and nearly $311 billion on travel this season, according to research released by NerdWallet.