The American Farm Bureau’s annual Thanksgiving Dinner Cost Survey found that the cost of an average Thanksgiving dinner for 10 people costs 30% more this year, on average, than the same meal cost in 2020.
Additionally, it found that the “expanded” meal, which includes ham and additional sides, will cost just over 40% more than that same meal pre-Biden.
A recent poll of Battleground state voters, which included Wisconsin, showed that rising food prices was the top inflationary concern for respondents.
The cost of traditional Thanksgiving meals has witnessed a steady increase, as highlighted by recent data. According to the American Farm Bureau’s yearly Thanksgiving Dinner Cost Survey, the average price of a “classic” Thanksgiving dinner for 10 people rose from approximately $46.90 in 2020 to an average of $61.17 this year.
This represents a price surge of over 30%. Additionally, the survey found that the “expanded” Thanksgiving dinner for 10, which includes ham and extra sides, cost $60.11 last year and is expected to reach $84.75 this year – a staggering increase of almost 41%.
Compared to the previous year, consumers should anticipate higher prices for specific Thanksgiving items. Experts, including Indiana University Southeast Sanders Chair in Business Uric Dufrene, predict increased consumer spending this year due to inflation, although the growth rate is slower than last year.
The Wells Fargo Agri-Food Institute’s annual Thanksgiving food report, as of November 6, reveals that while the retail price of turkeys has decreased by 16% since last October, prices of other Thanksgiving essentials have risen compared to last year.
Since last year, retail ham prices have increased by 5.2%, canned cranberries are up nearly 60%, sweet potatoes have risen by 4%, russet potatoes have increased by 14%, canned green beans are up by nearly 9%, and canned pumpkin has surged by 30%. Wine prices have experienced a 1.2% increase, while beer prices have risen by 5.3%.
Inflationary trends have become a significant concern for many Americans, particularly regarding the cost of food. A recent League of American Workers poll conducted in four battleground states, including Wisconsin, found that food costs are the top concern related to inflation, according to respondents.
When asked to identify the two most significant impacts of inflation, 60% of poll participants cited rising food prices.