November 25, 2024
Although high grocery bills may have contributed to the Democrats’ losses in the US election on Nov. 5, Americans can be grateful that the cost of their upcoming Thanksgiving dinner is, in fact, declining. Prices for the holiday’s traditional staples have fallen for a second consecutive year.
According to the American Farm Bureau Federation, the average cost of a Thanksgiving meal for 10 people is projected to be $58.08 in 2024. That’s 5% lower than last year’s bill of $61.17 and down from a record high of $64.05 in 2022. Still, prices remain 19% higher they were in 2019, on the eve of the pandemic.
Key contributors to this year’s price drop include significant reductions in the costs of sweet potatoes (down 26.2%) and turkey (down 5.6%) after previous spikes. Some items like dinner rolls and fresh cranberries have seen price increases, as have the costs of eggs and chicken, owing to recent outbreaks of bird flu.
The drop in turkey prices is due in part to a decline in demand, as Americans increasingly choose other proteins to be the centerpiece of their meal. As a result, farmers raised only 205 million of the birds in 2024, down 6% from 2023, marking the lowest level since 1985.
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