Thursday, November 16, 2017

Cost of Thanksgiving Dinner Decreases In 2017


The cost of a Thanksgiving dinner in 2017 fell slightly from last year, according to the American Farm Bureau Federation’s 32nd annual price survey of classic items found on the Thanksgiving Day dinner table which indicates that the average cost of this year’s feast for 10 is $49.12, a 75-cent decrease from last year’s average of $49.87.

The big ticket item – a 16-pound turkey – came in at a total of $22.38 this year. That’s roughly $1.40 per pound, a decrease of 2 cents per pound, or a total of 36 cents per whole turkey, compared to 2016.

“For the second consecutive year, the overall cost of Thanksgiving dinner has declined,” AFBF Director of Market Intelligence Dr. John Newton said. “The cost of the dinner is the lowest since 2013 and second-lowest since 2011. Even as America’s family farmers and ranchers continue to face economic challenges, they remain committed to providing a safe, abundant and affordable food supply for consumers at Thanksgiving and throughout the year.” 

The shopping list for Farm Bureau’s informal survey includes turkey, bread stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk, all in quantities sufficient to serve a family of 10 with plenty for leftovers.

Consumers continue to see lower retail turkey prices due to continued large inventory in cold storage, which is up almost double digits from last year, Newton explained.

Foods showing the largest decreases this year in addition to turkey, were a gallon of milk, $2.99; a dozen rolls, $2.26; two nine-inch pie shells, $2.45; a 3-pound bag of sweet potatoes, $3.52; a 1-pound bag of green peas, $1.53; and a group of miscellaneous items including coffee and ingredients necessary to prepare the meal (butter, evaporated milk, onions, eggs, sugar and flour), $2.72.

“Milk production has increased, resulting in continued low retail prices,” Newton said. “In addition, grocers often use milk as a loss leader to entice consumers to shop at their stores.”

Items that increased modestly in price were: a half-pint of whipping cream, $2.08; a 14-ounce package of cubed bread stuffing, $2.81; a 30-ounce can of pumpkin pie mix, $3.21; a 12-ounce bag of fresh cranberries, $2.43; and a 1-pound veggie tray, $.74.

“Whole whipping cream is up about 4 percent in price, due to increased consumer demand for full-fat dairy products,” Newton said.

After adjusting for inflation, the cost of a Thanksgiving dinner is $20.54, the lowest level since 2013.

SOURCE and IMAGE CREDIT: American Farm Bureau Federation