Thanksgiving inflation: Cost of turkey feast up 14%
Putting together a traditional Thanksgiving meal will cost about 14% more this year than it did in 2020.
Why it matters: Thanksgiving inflation, according to price estimates from the American Farm Bureau, is even greater than the overall increase in the cost of food.
Details: A 16-pound turkey will set you back about $24, almost $5 more than the average cost a year ago, according to the American Farm Bureau's informal survey of prices at grocery stores across the country.
- The ingredients for a "classic" Thanksgiving meal add up to $53, per the Farm Bureau. Add a ham and a couple more sides to the table, and the total rises to $65.
- Inflation, supply-chain problems and "high global demand for food, particularly meat" have all contributed to the rising costs, Farm Bureau senior economist Veronica Nigh said in a release.
Yes, but: The Farm Bureau's math is based on the quantities of food you'd need to feed 10 people, and for a 10-person gathering, a $53 meal would still come out to less than $6 per person.
What's next: Shortages and supply-chain problems are likely to persist throughout the holiday season.