Watch CBS News

Here's how much a typical Thanksgiving Day feast will cost this year

Many Thanksgiving staples cost more this year
Many Thanksgiving dinner staples cost more this year as inflation persists 02:35

The cost of preparing your Turkey Day feast is likely to be cheaper this year — and you can thank the turkey.

Turkey costs per pound fell to $1.25 in September, down 43 cents from a year earlier, according to the most recent data available from the U.S. Department of Agriculture. The prices of some turkey products has also fallen, with boneless and skinless turkey breasts 61% cheaper in August 2023 than at the same time last year, according to the American Farm Bureau Federation.

Overall costs for a typical Thanksgiving meal, including the usual fixings, are also modestly lower compared with 2022, when prices hit a record high. Dinner for 10 will cost an average of $61.17, the farm bureau said. That's down from $64.05 last year but an increase from $53.31 in 2021. Those figures include the cost of typical side dishes such as cranberries, dinner rolls, green peas and sweet potatoes.

Turkey prices have fallen this years because of a sharp decline in cases of avian influenza, which reduced supplies last year, according to Federation Senior Economist Veronica Nigh. The "bird flu" outbreak decimated poultry stocks across the U.S., forcing farmers to slaughter millions of chickens and turkeys to contain the spread. 

Turkey production has since rebounded and fewer birds are contracting the flu, the USDA said earlier this month. In September, only 500 birds contracted the avian flu, according to NerdWallet.

The prices of some turkey products fell more dramatically, like boneless and skinless male turkey breasts, which were 61% cheaper in August 2023 than the same time last year, per the AFBF.

Shoppers last year spent $2.8 billion more on food for Thanksgiving dinner than during an average week, according to market research firm Circana. This year, most shoppers plan to spend between $100 and $200 on their Thanksgiving feast, according to consumer research firm Numerator.

Chef and financial journalist share delicious money-saving tips for your Thanksgiving feast 07:43

Still, above-average inflation continues to affect the grocery aisle. The cost of fresh cranberries is up 20% from a year ago, while sweet potatoes are 4% higher, according to an estimate from the Wells Fargo Agri-Food Institute. The price of russet potatoes has risen 14% and canned green beans are up 9%,

"Prices for other categories are up, too, so consumers will need to be conscious of sales and shopping early," Michael Swanson, Wells Fargo Chief Agricultural Economist said in the estimate.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.