Consumers exposed to 20% higher Thanksgiving dinner costs than last year
A survey that was published on Wednesday by the American Farm Bureau Federation found that the projected cost of a Thanksgiving meal for 10 people would be 20% more than it was the previous year.
The prices of traditional Thanksgiving foods were taken into consideration in this survey, including turkey, sweet potatoes, stuffing, rolls with butter, cranberries, etc. The research shows that the price of food that would be sufficient for 10 people for Thanksgiving with plenty of leftovers would cost people $64.05, which is an increase from $53.31 in 2021 and $46.90 in 2020.
According to the data, those living in the West will probably have to pay more for their meals than those living in the South. For the same lunch for 10 people, the cost in the western states is estimated to be $71.37, while the cost in the southern states is estimated to be $58.42.
And while the expenses for Thanksgiving are 20% higher, the Bureau of Labor Statistics shows that the average salaries have only climbed by 4.7%.
“General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in the average cost of this year’s Thanksgiving dinner. General inflation has been running from 7% to 9% in recent months, while the most recent Consumer Price Index report for food consumed at home reveals a 12% increase over the past year,” said AFBF chief economist Roger Cryan.
Many factors played a role in this increase, such as the food shortages, rising costs for farmers, and the war in Ukraine.
If you want to find out more, check out the survey here.
