If you’re hosting Thanksgiving this year, we’ve got some good news—Thanksgiving dinner will cost you less this year, compared to 2022. The average cost of a Thanksgiving meal for 10 will cost you about $61.17 total, down 4.5% from a record high of $64.05 in 2022, according to an annual survey of shoppers by the Farm Bureau.
Though inflation cooled slightly in October, it kept food prices high the past few years, making holidays such as Thanksgiving more expensive for consumers.
Investopedia analyzed data from the USDA to see how much turkey and other Thanksgiving staples will cost you this year. Although Thanksgiving dinner will cost less overall, some items (like sweet corn and turkey) are slightly pricier this year, while other holiday staples are reduced in price. Here's the breakdown:
Sweet Corn, Pumpkins, Turkey Are Pricier
Turkey, sweet corn, and pumpkins for pie cost more this year compared to 2022, according to USDA data. A 16-pound turkey will cost you an average of $18.85 this year, up from $18.61 in 2022. Sweet corn had the biggest increase on our list, 7.8% more expensive than last year at $1.13 for two pounds. Pumpkins for pie will cost you $2.96 for three pounds, 4.5% more expensive than 2022.
Potatoes, Cranberries, Ham Less Expensive This Year
Although your turkey will cost slightly more this year, other Thanksgiving favorites are less expensive. Potatoes had the biggest price drop on our list, and will cost you about $2.96 for three pounds, 5.17% less expensive compared to 2022. Meanwhile, cranberries are nearly 4% less expensive than last year, and will cost you $1.82 for 0.75 pounds. The price of ham has also reduced slightly from 2022, and will cost $24.35 for eight pounds.
Food proportions were taken from the American Farm Bureau Federation's Thanksgiving dinner cost survey for a meal for 10. Food cost data was the national weighted average taken from weekly USDA Agricultural Marketing Service retail reports between 10/01/2023 to 11/04/2023. Potatoes include sweet, red, white, russet, & yellow type. Turkey includes frozen toms and hens. All prices used were per pound and extrapolated out to amounts in Farm Bureau survey.