Just like all the things else today, your Thanksgiving feast subsequent week will most definitely gobble up extra of your pockets as inflation and different components set off main worth hikes.
The common price of this yr’s traditional Thanksgiving dinner for 10 individuals can be $64.05, which is a 20% bounce from final yr’s common of $53.31, in response to the American Farm Bureau Federation’s annual survey launched on Wednesday.
The Thanksgiving feast price has spiked 37% since 2020’s dinner worth of $46.90.
Turkey prices are up 21% on common — $28.96 for a 16-pound chook, or $1.81 per pound.
The Farm Bureau cited basic inflation as “a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner.” Inflation has been working 7% to 9% in current months, whereas the newest Consumer Price Index report for meals consumed at house reveals a 12% improve over the previous yr.
“Other contributing factors to the increased cost for the meal include supply chain disruptions and the war in Ukraine,” stated AFBF Chief Economist Roger Cryan. “The higher retail turkey cost at the grocery store can also be attributed to a slightly smaller flock this year, increased feed costs and lighter processing weights.”
Locally, contemporary turkeys at Bob’s Turkey Farm in Lancaster price 16% extra this yr. The worth has elevated from $4.29 per pound to now $4.99 per pound.
“That was a really big jump for us,” Jennifer Brezniak of Bob’s Turkey Farm stated on Wednesday. “It wasn’t simple for us to do in any respect.
“We had a really long conversation about not burdening people and not sinking our own ship,” she added, noting their rising prices and the way households are feeling the affect of upper costs.
The worth of feed is up 30% this yr because the Central Massachusetts farm raises 8,000 birds. Electricity and packaging prices have additionally jumped.
Despite the elevated price for turkeys, clients have been “overwhelmingly positive and understanding,” Brezniak stated.
“We’ve been on their table for 10, 20 years, and they want that tradition to continue,” she added.
The provide of complete turkeys obtainable to customers ought to be sufficient this yr, though there could also be short-term, regional shortages in some states the place avian influenza was detected earlier this yr, Cryan stated.
“Farmers are working hard to meet growing demands for food — both here in the U.S. and globally — while facing rising prices for fuel, fertilizer and other inputs,” he added.
While turkey prices are up 21%, stuffing has the largest price improve this yr, in response to the Farm Bureau survey. A 14-ounce bag of cubed stuffing combine is $3.88, a spike of 69% from final yr.
The survey contains turkey, stuffing, candy potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and milk to serve a household of 10 with a lot for leftovers.
In addition to the traditional Thanksgiving feast for $64.05, the Farm Bureau has an “updated Thanksgiving dinner” that provides in ham, russet potatoes and frozen inexperienced beans for a complete price of $81.30. This up to date basket of meals is up 18% from final yr.
Source: www.bostonherald.com”