By CultureBanx Team
- Thanksgiving 2022 could be one of the costliest, with price up 26% from last year
- Average prices of Thanksgiving food out West is $71.37, while the same food in the South was a mere $58.42
As we get ready to gather around the table with family and friends, one thing we won’t be thankful for this year is rising food prices. Thanksgiving dinner in 2020 was one of the cheapest, with many holding smaller gatherings amid the coronavirus pandemic. Now, the average total price, which includes a 16-pound turkey and other common items found on a holiday dinner table, is $66.39, about a 26% increase over last year’s price of $52.59, according to the New York Farm Bureau’s informal 2022 Market Basket Survey.
Why This Matters: Everywhere we look prices are rising like grandma’s poundcake. It’s not just inflation, there are hiccups across the supply chain driving up the cost of Thanksgiving essentials like turkey and cranberry sauce.
Looking beyond the bird, every single item on the Farm Bureau’s shopping list was up between 8% and 26% with one glaring exception: a 14-ounce bag of cubed stuffing mix was up a whopping 69%. Other contributing factors to the increased cost for the meal include, supply chain disruptions and the war in Ukraine which has caused increased prices for fuel, fertilizer and other inputs.
Pricing can differ significantly depending on the region. While the Northeast and Midwest had average prices similar to the national one — $64.02 and $64.26, respectively — a meal out in the West was $71.37 while the same food in the South was a mere $58.42.
Situational Awareness: According to a LendingTree survey of just over 1,500 US consumers, a high share, 44%, say inflation isn’t affecting their plans or budget. However, 27% said they will be couponing more. Inflation as measured by the Consumer Price Index is still high but cooled in October.
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