As the holiday season approaches, Americans can expect a decrease in grocery costs for Thanksgiving meals in 2024.
The average price for a classic Thanksgiving feast for ten people is projected to be $58.08, which is a 5% decline from 2023 and a 9% drop from 2022. This reduction comes after a period of significant price increases in previous years.
The decline in prices is largely attributed to easing inflationary pressures that have affected the food supply chain. Factors such as a bird flu outbreak and geopolitical tensions have contributed to previous spikes in prices. However, in 2023, food price growth began to slow as wholesale prices stabilized, leading to further reductions in 2024.
Turkey prices, which make up a substantial portion of the Thanksgiving grocery bill, have also seen a decrease this year. Despite a decrease in turkey supply due to bird flu, consumer demand has also declined, resulting in lower prices. The per capita consumption of turkey has also fallen this year.
Additionally, prices for other staples such as whole milk have dropped due to favorable weather conditions. However, the costs of processed foods like dinner rolls and cubed stuffing have increased.
The easing of grocery prices is a relief to many households, as a recent survey showed that individuals hosting Thanksgiving are concerned about the costs associated with the event. While the current trends are encouraging, a classic Thanksgiving meal is still more expensive than it was in 2019. Economists caution that the food supply chain remains sensitive to various external factors. Therefore, cost-effective shopping strategies will be crucial for consumers during the holiday season.