As President Biden’s inflation crisis continues to worsen, the average cost of a Thanksgiving dinner will be 14% more this year than last year, according to the Farm Bureau.
The Farm Bureau noted, “The average cost of this year’s classic Thanksgiving feast for 10 is $53.31 or less than $6.00 per person. This is a $6.41 or 14% increase from last year’s average of $46.90. The centerpiece on most Thanksgiving tables – the turkey – costs more than last year, at $23.99 for a 16-pound bird. That’s roughly $1.50 per pound, up 24% from last year.”
Farm Bureau used ‘volunteer shoppers’ to check the prices from Oct. 26 to Nov. 8, about two weeks before most grocery store chains started lowering the price of whole frozen turkeys.
“Several factors contributed to the increase in average cost of this year’s Thanksgiving dinner,” AFBF Senior Economist Veronica Nigh explained. “These include dramatic disruptions to the U.S. economy and supply chains over the last 20 months; inflationary pressure throughout the economy; difficulty in predicting demand during the COVID-19 pandemic and high global demand for food, particularly meat… The trend of consumers cooking and eating at home more often due to the pandemic led to increased supermarket demand and higher retail food prices in 2020 and 2021, compared to pre-pandemic prices in 2019.”
According to the Department of Labor, U.S. inflation has hit its highest annual rate in more than 30 years in October. The consumer price index, a key inflation metric, increased 6.2% from October 2020 to October 2021, the fastest annual rate since 1990. In the month of October alone, inflation surged 0.9% compared to the 0.6% economists expected, according to CNBC.
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