Costs Trimmed Down for Classic Thanksgiving Feast in 2024

The inflated costs for groceries have been a pain point for many the last few years. Any bit of relief to loosen belts is appreciated. Such is the case for American Farm Bureau Federation’s (AFBF) annual Thanksgiving dinner survey. The 39th version of the survey finds that a classic Thanksgiving feast for 10 will run $58.08 in 2024, which is down 5% from last year. That’s two years in a row of moderate declines (both 5%). However, the relatively cheaper grocery bill is still 19% more than five years ago. So, we are still digesting a new normal.

According to the new AFBF survey, seven menu items dropped in price this year, including turkey, sweet potatoes, frozen peas, a vegetable tray of carrots and celery, pumpkin pie mix, pie crusts, and whole milk. The remaining menu items – dinner rolls, fresh cranberries, whipping cream, and cubed stuffing – rose in price.

Turkey prices normally dictate how overall meal costs trend. For 2024, a 16-pound turkey accounts for 44.2% of the classic 10-person feast. This year’s 6% decrease in turkey prices is a bit of an anomaly, the survey highlights. According to USDA’s Turkeys Raised report, farmers raised 205 million turkeys in 2024, down 6% from last year and the lowest since 1985. The Avian Influenza (bird flu) is responsible for the decline in turkeys raised. Typically, fewer turkeys would mean an increase in price, but demand for turkey fell in 2024. This drop in demand has caused prices to fall.

Prices for ham, Russet potatoes, and frozen green beans were added to the survey in 2018. This was done to reflect more Thanksgiving traditions. All of them show a year-over-year reduction in price.

AFBF points out the largest increases in the 2024 Thanksgiving dinner bill come from processed products. Dinner rolls and cubed stuffing both increased more than 8% from 2023. Non-food inflation and labor shortages have driven up costs for partners across the food supply chain. Fresh cranberries account for the next-largest price increase at 12%.

Economic Pressure on the Farm

While consumers are seeing some signs of retail food price stability, farmers are experiencing lower and more volatile prices at the farm gate, AFBF notes. Inflation has pushed production costs to rise steeply over the last few years. USDA projects national net farm income will fall by $6.5 billion in 2024.

For more details from AFBF’s 2024 Thanksgiving dinner survey, visit fb.org.