According to the American Farm Bureau's annual survey, the cost of a Thanksgiving meal will be the highest ever this November, an unfortunate reminder of the inflation headaches that Americans, investors and policymakers alike are.
It will be the most expensiveThanksgiving ever.
The American Farm Bureau found that the average cost for a 10 person Thanksgiving feast is $65.05.
The survey measures the price of 12 Thanksgiving staple like whole turkeys, boxed stuffing and pumpkin pie filling fit to feed 10 people, using224 shopper data reports across the country.
Turkey is the largest driver of the increase, with the American Farm Bureau estimating the average cost of a 16-pound turkey rose 21%, or nearly $5, to $28.96.
The price of a box of stuffing is up 69% from a year ago, while pie crusts are up 26% and dinner rolls are up 22%.
The average cost of Thanksgiving dinner in the South is more than 20% higher than in the west, according to a survey.
There were a variety of factors that contributed to the rise in inflation last year. Meat prices were particularly impacted by the factory closings. According to the latest Labor Department data, the average cost of meat, poultry, fish and egg products rose 8% last month compared to October 2021. The Federal Reserve pursued its most aggressive increases to the federal funds rate since the early 1980s due to inflation hovering at its highest level since the early 1980s. The first fruits of the Fed's strategy, which increases borrowing costs to slow spending and thus rein in prices, were seen earlier this month when consumer prices rose at their slowest monthly pace since January.
A wave of avian flu has killed millions of turkeys this year, decreasing the supply of Thanksgiving bird and leading to elevated prices. The number of turkeys slaughtered for consumption is down 4% compared to the same period last year.
It is not just inflation that will increase the price of Thanksgiving turkeys.
The average cost for Thanksgiving dinner is all-time high.
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