Here’s how much your Thanksgiving meal will cost you this year

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Halloween is over, so it's finally time to start thinking about — no, not Christmas — Thanksgiving turkey. Retail prices for turkey have dropped by a lot as Thanksgiving planning ramps up, but experts say higher prices on some other Thanksgiving dinner staples could ruffle some feathers.?

TURKEY PRICES

• Store prices for a turkey of 10-15 pounds dropped 13% in October compared to last year, according to Wells Fargo’s new Thanksgiving food report.
• The decrease in shelf prices for the bird also coincides with an even more dramatic 29% slump in the wholesale price for turkey this October versus a year ago, the report shows.
• What’s the reason behind the drop? It’s the American tradition of supply and demand, and this year, the flock is too big. Over the summer, the industry added 2% to 3% more birds into the barn to keep the supply robust for Thanksgiving.?
• On top of the juiced supply, a drop in input costs, such as the cost of refrigerated trucks to move the frozen birds around the country, is helping to reduce the price per pound.
• Waiting a week or two may get you an even trimmer price. “Historically we see a big drop in the two weeks before Thanksgiving,” Wells Fargo’s chief agriculture economist said. Grocery stores deeply discount the main course, banking on shoppers filling their carts with other items once they’re in the store.

THE SIDES

• While turkey may be cheaper, the rest of your meal – especially canned goods – will cost more this year.?
• Fresh cranberries will be about 20% less than last year, but the canned variety will cost almost 60% more, according to Wells Fargo’s report.
• It’s the same deal with canned pumpkins: Production costs are 30% higher this year, and consumers are shouldering some of that in sticker prices, experts say.?
• The price for canned green beans is up almost 9% versus last year, the report says.
• Sweet potato and Russet potato prices are high, but could fall. Store prices for sweet potatoes are up 4% but expected to come down as grocers compete for the holiday. Russet potato prices have been at all-time highs – up 14% from a year ago – because of a colossal drought in the Pacific Northwest last year. But experts say this year’s harvest was much better and prices are expected to drop.?

THE WHOLE TABLE

• Last year, Thanksgiving dinner cost 20% more than it did in 2021, mostly due to inflation, according to the American Farm Bureau Federation.
• Inflation is still a factor this year, but food price increases have been easing, offering much-needed relief for many households.
• So far this year through September, grocery prices rose 2.4% — less than inflation overall, which was 3.7%.
• Food prices are particularly volatile for a number of reasons, including extreme weather, the war in Ukraine, higher feed and fertilizer costs, and challenges across the supply chain.

Will your Thanksgiving meal look different this year? What dishes have you left out in previous years due to high prices? We’d love to hear your take in the comments section below.

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