The cost of serving your extended family Thanksgiving dinner is expected to hit an all-time high this year, though the good news is it’s still cheaper to feed ten people on Thanksgiving than it is to feed one at most restaurants in New York City.
For the 30th straight year, the American Farm Bureau calculated the cost of feeding a family of ten people twelve Thanksgiving staples including everything from the basics like milk and whipping cream to the good stuff like fresh cranberries and a 16-pound turkey. Though half of the items they included actually dropped in price from last year, the biggest ticket item – the turkey – went up over a dollar to $23.04. That drove the price of Thanksgiving dinner up over $50 for the first time in the survey’s history, landing the cost of this year’s meal at $50.11.
“There were some production disruptions earlier this year due to the highly pathogenic Avian influenza outbreak in the Midwest,” explained AFBF Deputy Chief Economist John Anderson. “Turkey production is down this year but not dramatically. Our survey shows a modest increase in turkey prices compared to last year.” Meanwhile, despite some pumpkin fears, it turns out your pies are not in jeopardy. “Despite concerns earlier this fall about pumpkin production due to wet weather, the supply of canned product will be adequate for this holiday season,” Anderson later continued.