Turkey prices drop 22%: Experts share tips for affordable Thanksgiving

How inflation is affecting the cost of Thanksgiving

The escalating trend in food prices over recent years is no secret. The question arises: how can you host a Thanksgiving dinner without straining your budget?

WASHINGTON - The escalating trend in food prices over recent years is no secret. The question arises: how can you host a Thanksgiving dinner without straining your budget?

The situation regarding Thanksgiving’s impact on our wallets in 2023 presents both good and bad news. On a positive note, food prices have decreased from the levels seen last year.

However, on the downside, we still find ourselves in a situation where prices are higher than pre-pandemic levels.

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In 2022, the average price of a Thanksgiving dinner stood at $64. This year, experts suggest a slight decrease to $61, according to an annual survey by the American Farm Bureau Federation. Phil Lempert, a grocery expert and food industry analyst for SupermarketGuru.com, says that the declining prices of turkeys play a significant role.

"Here’s the great news, according to the USDA, we have about 220 million turkeys this year, and that means the price of turkey has gone down about 22%, and that’s frozen turkeys, not necessarily fresh turkeys," said Lempert.