Thanksgiving Just Got Very, Very Cheap

The cost of Thanksgiving can be measured in several ways. One is the cost of travel. Eighty-two million people will travel more than 50 miles from their homes over the extended weekend.

Another way to measure is what the food costs.

Inflation is still supposed to be a significant problem for consumers. The CPI remains well above the Fed’s 2% target. It is a guess as to whether the Fed will cut it again this year.

Much of inflation is driven by food prices. President Trump says that it has fallen. A large number of consumers say otherwise. The rift is so great that it has affected his popularity, at least based on recent polls.

Thanksgiving meal costs have moved hard against the trend of food expenses. At least that is what the Farm Bureau says, and they are supposed to be the experts.

Each year, the Farm Bureau looks at the price of a dinner. The 40th annual American Farm Bureau Federation Thanksgiving dinner survey found that a table of dishes for 10 people will cost $55.18, down 5% from last year. However, it is up compared to four years ago.

Notably, however, in this age of food price inflation, it is down from last year and the year before. The 2023 figure was $61.17. Last year, it was $58.08. The food in the calculation includes local prices for turkey, cubed stuffing, sweet potatoes, dinner rolls, frozen peas, fresh cranberries, celery, carrots, pumpkin pie mix and crusts, whipping cream, and whole milk, the FB reports.

Turkey has accounted for the largest share of the dinner expense at 43%. This year, that has dropped to 39%. That is the lowest level since 2000. “This drop in turkey’s cost impact comes from both falling turkey prices and rising costs of sides,” the researchers wrote.

Hidden from most people are the reasons that prices go up and down. One is the supply of each item, which changes each year. The other is last-minute changes in transportation.

Whatever the reason is, Thanksgiving will not add to food costs this year.