Cost of Thanksgiving dinner dips slightly in 2024
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The Indiana Farm Bureau says Hoosier shoppers can expect to spend a little bit less when buying ingredients for their traditional Thanksgiving dinner this year.
The bureau’s annual Thanksgiving market basket survey says a Thanksgiving dinner for 10 people will cost an average of $53.31, down 2.4% from last year and about 8% lower than the U.S. average price.
The main driver of the decrease, according to INFB Chief Economist Todd Davis, is the lower cost of turkey this year. Shoppers can expect to pay about $21.22 for a 16-pound turkey, down about 4% from 2023.
Davis said in a news release that the concentration of turkey production in the Midwest provides lower processing and marketing costs, which gets the turkey from the farm to consumers more efficiently.
“Indiana ranks third in turkey production, with more than 8.4 million turkeys in the state, according to the latest U.S. Department of Agriculture’s Census of Agriculture,” Davis said. “The turkey accounts for about 44% of the Thanksgiving dinner, so with Indiana in the heart of turkey production and with retail turkey prices down, it isn’t surprising that the turkey is more affordable this year, specifically in the Midwest.”
The Farm Bureau’s Thanksgiving market basket survey was conducted in early November by volunteer shoppers, who collected prices on specific food items from one of their local grocery stores. They were asked to look for the best possible prices without using special coupons or purchase deals.
The total market basket price includes a 16-pound turkey, stuffing, sweet potatoes, rolls, peas, a carrot and celery veggie tray, whole milk, cranberries, whipping cream, ingredients for pumpkin pie and miscellaneous baking items.
Half of the items, the bureau said, are less expensive than last year, notably pie shells and sweet potatoes. However, some items did increase in price, with the biggest increase being for cranberries and whipping cream.
“Both of these products saw an increase in retail price, which is a product of supply and demand,” Davis said. “Additionally, fluid milk production is down compared to last year, which correlates to an increase in prices for whipping cream and whole milk.”
The Farm Bureau noted that while the cost has dropped compared to last year, it is still 25% higher than it was five years ago, highlighting the impact inflation has had on food prices since the pandemic.
The USDA says just under 16 cents of every retail food dollar can be attributed to farm production, which means that the farmer’s share of the $53.31 market basket would be less than $8.50, though that is slightly higher than last year.
“Hoosier farmers find ways to streamline their operations and decrease costs of production,” said Janis Highley, INFB 2nd vice president. “Many people don’t realize that Indiana is a top-producing state for turkey and pumpkins, so we have many local farmers to thank for our holiday meal this year.”