This year, most Americans will likely have an uninvited guest at their Thanksgiving table: inflation.
The Farm Bureau’s 37th annual survey shows that Thanksgiving meals will cost families 20% more than last year, with the price of a 16-pound turkey reaching $28.96, an increase of nearly $5 over the previous year. last year. And prices aren’t just higher for seasonal produce—recent data from the US Bureau of Labor Statistics, which measures how much shoppers pay for produce month-over-month, shows overall grocery prices They are reaching new highs.
Americans are feeling the pain of inflation when it’s time to pay
The food at home index increased 12.4% in the past year, with the cost of cereals and bakery products up 15.9% on the year, and the dairy and related products index up 15.5%. . The other major food categories in grocery stores showed increases ranging from 8.0% (meat, poultry, fish and eggs) to 15.4% (other household foods). Some analysts even suggest it might be cheaper to eat your Thanksgiving dinner at a restaurant this year.
Some of the factors playing a role in regional food shortages and higher costs: bird flu, which has killed millions of turkeys, and supply chain issues.
“The higher retail cost of grocery store turkey can also be attributed to a slightly smaller flock this year, higher feed costs and lighter processing weights,” AFBF chief economist Roger Cryan said in a statement. release. “Farmers are working hard to meet the growing demand for food, both here in the US and globally, while dealing with rising prices for fuel, fertilizer and other inputs.”
5 tips for help you save on your Thanksgiving meal
- Consider a rewards credit card: Consider using a cash back or rewards credit card that earns you extra rewards for grocery store purchases. This way, you can earn cash back or points that you can redeem for cash or gift cards to lower your grocery bill.
- Host a potluck: Just because you’re hosting Thanksgiving dinner doesn’t mean you have to foot the entire bill. Plan ahead and create a group text message with everyone you’ve invited. Assign a dish to each person so that they are not responsible for paying for and preparing each dish; will save time and money.
- Buy in bulk: If you have a large crowd coming over for Thanksgiving, it might be worth buying certain products in bulk. According to SoFi, buying in bulk can save you 20-50% depending on the item. However, this isn’t universally true, so you’ll need to crunch the numbers and calculate an item’s unit price (the price of that product per gallon, ounce, pound, etc.) to determine if and how much you’ll actually save money. .
- Consider frozen or canned items. Frozen turkeys and canned vegetables are often cheaper than fresher alternatives. If you have room in your freezer or pantry, consider buying them ahead of time when you find a good deal.
- Look for deals at your local grocery store. Keep an eye out for deals at your local supermarkets by looking at the weekly sales flyers. This can help you plan when you should go grocery shopping so you can maximize your savings. And if you’re not already doing so, you might also consider doing your Thanksgiving shopping on a grocery delivery app like Instacart, FreshDirect, or Gopuff that can help you easily find deals in your area and sometimes offer a discount for New customers.
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