Special Report

How Inflation is Making this Thanksgiving More Expensive Than Ever

Michael B. Sauter

Published: November 24, 2022 10:48 am

Thanks to inflation, the average cost of a Thanksgiving dinner for a family of 10 in the United States will go up 20.2% this year. Families nationwide are trimming back on expenses to combat the worst increase in prices in nearly four decades, but for many, cutting back on the annual tradition of the holiday feast is not an option. 

Of course, this is an average increase of a set Thanksgiving meal as determined by the annual American Farm Bureau Federation’s annual Thanksgiving price survey. The AFBF uses a team of volunteer shoppers around the country to report on local prices. According to the survey, the cost of a traditional Thanksgiving dinner for a family of 10 will average $64.05 this year, by far the most since the first survey was conducted in 1986. (click here to see the cost of a thanksgiving dinner the year you were born)  

Using the results of this survey, 24/7 Wall St. ranked the 14 components of a Thanksgiving dinner by the percentage increase in cost from 2021 to 2022. The price of all but one item, fresh cranberries, increased. It should be noted that three of the items on this list, ham, russet potatoes, and green beans, are more recent additions to the AFBF survey and are not included as components of the above traditional thanksgiving dinner figure. (The total cost of a Thanksgiving dinner for 10 with these three items is $81.30.)

The biggest price increase comes from the Thanksgiving dinner staple, stuffing, which is expected to be 70% more expensive than last year. Bread prices have skyrocketed during this inflationary period thanks in part to the war in Ukraine, one of the world’s largest suppliers of grains. While the United States is less reliant on wheat imports than a number of European countries, the Russian invasion of the Eastern European nation has had a domino effect on global supply chains. (These are Ukraine’s leading trading partners.)

Click here to see how inflation is making this Thanksgiving more expensive than ever.

14. Cranberries – 12 oz.
> Change in price, 2021-2022: -13.8% (-$0.41)
> 2022 avg price: $2.57
> 2021 avg price: $2.98

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13. Ham, 4 lbs.
> Change in price, 2021-2022: +7.1% (+$0.77)
> 2022 avg price: $11.64
> 2021 avg price: $10.87

12. Veggie Tray (Carrots & Celery) – 1 lb.
> Change in price, 2021-2022: +7.3% (+$0.06)
> 2022 avg price: $0.88
> 2021 avg price: $0.82

11. Sweet Potatoes – 3 lbs.
> Change in price, 2021-2022: +11.2% (+$0.40)
> 2022 avg price: $3.96
> 2021 avg price: $3.56

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10. Milk – 1 gal.
> Change in price, 2021-2022: +16.4% (+$0.54)
> 2022 avg price: $3.84
> 2021 avg price: $3.30

9. Pumpkin Pie Mix – 30 oz.
> Change in price, 2021-2022: +17.6% (+$0.64)
> 2022 avg price: $4.28
> 2021 avg price: $3.64

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8. Turkey – 16 lbs.
> Change in price, 2021-2022: +20.7% (+$4.97)
> 2022 avg price: $28.96
> 2021 avg price: $23.99

24/7 Wall St.
The Price of This Household Item Is Soaring

7. Rolls – 1 dozen
> Change in price, 2021-2022: +22.3% (+$0.68)
> 2022 avg price: $3.73
> 2021 avg price: $3.05

6. Russet Potatoes, 5 lbs.
> Change in price, 2021-2022: +23.0% (+$0.68)
> 2022 avg price: $3.64
> 2021 avg price: $2.96

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5. Peas – 16 oz. frozen
> Change in price, 2021-2022: +23.4% (+$0.36)
> 2022 avg price: $1.90
> 2021 avg price: $1.54

4. Green Beans, 1 lb.
> Change in price, 2021-2022: +24.7% (+$0.39)
> 2022 avg price: $1.97
> 2021 avg price: $1.58

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3. Whipping Cream – 1/2 pint
> Change in price, 2021-2022: +25.8% (+$0.46)
> 2022 avg price: $2.24
> 2021 avg price: $1.78

2. Pie Shells (2)
> Change in price, 2021-2022: +26.5% (+$0.77)
> 2022 avg price: $3.68
> 2021 avg price: $2.91

1. Stuffing – 14 oz. cubed
> Change in price, 2021-2022: +69.4% (+$1.59)
> 2022 avg price: $3.88
> 2021 avg price: $2.29