The average American is going to have to pay 20% more this year for Thanksgiving dinner.
- With the compounding costs of inflation, continued stress on the supply chain, and recession fears, the average family of 10 will see as much as a 20% increase in the cost of Thanksgiving from last year.
- The American Farm Bureau Foundation, a non-governmental insurance and lobbying organization, estimates the average Thanksgiving dinner cost $47 in 2020, $53 in 2021, and will cost $64 in 2022—or $6.50 per individual.
- The price of food has increased by 13% in the past year, and Turkey has increased by 21% in the past year due to smaller flocks and increased farming and processing expenses.
- As we previously reported, 2022 has seen high inflation rates of 9.1% in June, 8.2% in September, and 7.7% in October. Rates may be decreasing but the current high rate will still affect food prices.
Why it’s News
Costs vary between different areas which have greater access to fresh food and produce but the yearly inflation rate and market uncertainty is going to hit America’s pockets more this year and last year.
As we previously mentioned, the U.S. government feared a turkey shortage prior to the Thanksgiving holiday. While the Farm Bureau has dispelled those fears, the shortage’s effects will still affect prices.
“Although the supply of whole turkeys is expected to be sufficient to meet Thanksgiving demand, temporary, regional shortages may occur in some states where avian influenza was found earlier this year. When it comes to the rising costs of the meal as a whole, supply chain disruptions and the war in Ukraine have boosted costs, along with inflation cutting consumers’ purchasing power,” says The Hill.
“We should not take our food supply for granted. Supporting sustainable productive agriculture in the U.S. and globally is imperative. As many of us gather with family and friends for a special meal, it’s a time for giving thanks and doing our part to help those who can’t afford a big holiday feast. State and local Farm Bureaus across the country have strong partnerships with local food banks and I’m proud of their collective efforts to help ensure no one goes hungry,” says Farm Bureau President Zippy Duvall.