Americans feeling inflation’s pinch better brace themselves for the cost of hosting Thanksgiving, which surged 20 percent since last year.
According to a newly released Farm Bureau survey, the average cost for a family of 10 this year is $64.05—a $10.74 or 20 percent increase from last year, when the average cost was $53.31.
“General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner,” said AFBF Chief Economist Roger Cryan.
But inflation's not the only reason costs are surging.
“Other contributing factors to the increased cost for the meal include supply chain disruptions and the war in Ukraine,” Cryan said. “The higher retail turkey cost at the grocery store can also be attributed to a slightly smaller flock this year, increased feed costs and lighter processing weights.”
The Farm Bureau’s survey includes turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk.
- 16-pound turkey: $28.96 or $1.81 per pound (up 21%)
- 14-ounce bag of cubed stuffing mix: $3.88 (up 69%)
- 2 frozen pie crusts: $3.68 (up 26%)
- Half pint of whipping cream: $2.24 (up 26%)
- 1 pound of frozen peas: $1.90 (up 23%)
- 1 dozen dinner rolls: $3.73 (up 22%)
- Misc. ingredients to prepare the meal: $4.13 (up 20%)
- 30-ounce can of pumpkin pie mix: $4.28 (up 18%)
- 1 gallon of whole milk: $3.84 (up 16%)
- 3 pounds of sweet potatoes: $3.96 (up 11%)
- 1-pound veggie tray (carrots & celery): 88 cents (up 8%)
- 12-ounce bag of fresh cranberries: $2.57 (down 14%)
An updated Thanksgiving meal, which considers the addition of ham, russet potatoes, and green beans, brings the total to $81.30 for a family of 10, up from $68.72 last year, or an increase of 18 percent.
Regional differences were also considered in the survey, with Southerners enjoying the most affordable classic Thanksgiving dinner at $58.42, followed by the Northeast at $64.02, the Midwest at $64.26, then the West at $71.37.
The Farm Bureau started its Thanksgiving survey in 1986 and has kept its classic menu the same, meaning 2022 will be the most expensive dinner in the survey's 37-year history.
A Thanksgiving meal with all the trimmings is expected to cost 20% more than last year — the most expensive dinner since the American Farm Bureau started the annual survey in 1986.— Sean Spicer (@seanspicer) November 16, 2022