Families and friends gather around the table this week, a few will be expressing gratitude for a lower rate of inflation.
Prices for food are still very higher, but they’re growing as fast as they used to. The cost of the traditional Thanksgiving meal has fallen a less than the previous year.
It is estimated that the American Farm Bureau Federation estimates the cost for an Thanksgiving meal for 10 peoplethis calendar year’s total is $61.16. It’s 4.5 percent lower than last year’s total, but still the second highest figure ever since the Farm Bureau began tracking prices in 1986.
Here’s a look into some of the most popular dishes that are more expensiveand less to eat at the table on Thursday.
Turkey prices have actually dropped
Turkey Of course, it is at the core of a myriad of Thanksgiving traditionsThere’s good news the prices have slowed.
“There’s lots of turkey in the market right now,” says Michael Swanson who is an agricultural economist at Wells Fargo. “They need to bring the turkey lower to get it.”
The cost of the 16-pound turkey in the early part of November was $27.35 according to Farm Bureau — a decrease of 5.6 percent from the previous year.
Many retailers offer discounts on turkeys in the days leading up to Thanksgiving.
The cost of cranberries is lower -however, only if they’re in fresh condition.
Turkey isn’t the only reasonable bargain in the menu of Thanksgiving.
Prices for fresh cranberries have fallen drastically this year, due to an abundance of cranberries. However, those that prefer canned cranberriesones that you see the ridges in the can, even if it’s sitting on the table — could be paying more for them due to cost of processing and packaging.
“The whole canned market is on the rise, whether it’s beans, pumpkins or cranberries” Swanson says. “Can prices have really risen.”
The cost of canned food may rise even more next year, if Biden administration decides to impose new tariffs on steel imported from the US used to manufacture cans.
“We’ve been very pleased to see that we’re pleased that the Department of Commerce has held off on the tariffs for the majority of the time,” says David Chavern as the chief executive officer of the Consumer Brands Association. “But there’s going be a final decision by in the year 2024 which we’ll be watching carefully.”
However, food is still costly.
A portion of the money that turkey shoppers can save by buying turkeys this season could be used elsewhere.
The prices for sweet potatoes are slightly higher than they were last year. Pumpkin pie fillings are also more expensive.
Prices for groceries have increased 2.1 percent over the past twelve months, as per the Labor Department, following an increase of 12.4 percent during the prior year.
“That’s what it costs to live,” said Angelina Murray in front of a grocery store within Washington, D.C., just days before Thanksgiving. “Nothing is possible until the prices drop. We’ll just have to make a deal.”
However, there are some things that are worth it to pay for
Some customers said to NPR they’re cutting the corners when preparing for Thursday’s dinner — choosing to buy store-branded items such as, for instance instead of the brand names that are more expensive in national stores.
Most people believe that Thanksgiving is a time to be celebrating blessings, not searching for bargains.
Carrie Murray was pleasantly surprised to discover some bargains in the produce section even though she paid higher prices for staples like olive oil.
“Things that cost a lot — it’s the things that have been a bit expensive for a while,” Murray said, taking groceries out of the rear of her vehicle with Colton Parker.
“Looking at your receipt, you think, ‘Oh wow!'” Parker agreed. “But you’ll notice that it’s meant for families. It’s a celebration of the holidays.”
9(MDEwMjQ0ODM1MDEzNDk4MTEzNjU3NTRhYg004))
